Prepare journal entry to record the exchange transaction

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Wilbur Company traded a used equipment for a newer model with a dealer. Old equipment: Original cost Accumulated depreciation 4,000,000 3,000,000 850,000 Average retail price New equipment: List price Cash price without trade in Cash payment with trade in 5,000,000 4,500,000 3,900,000. Get the instant assignment help. Prepare journal entry to record the exchange transaction.

Reference no: EM133920068

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