Prepare the journal entry to record the exchange

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Reference no: EM131268119

Mehta Company traded a used welding machine (cost $14,004, accumulated depreciation $4,668) for office equipment with an estimated fair value of $7,780. Mehta also paid $4,668 cash in the transaction.

Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

Reference no: EM131268119

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Prepare the journal entry to record the exchange : Mehta Company traded a used welding machine (cost $14,004, accumulated depreciation $4,668) for office equipment with an estimated fair value of $7,780. Mehta also paid $4,668 cash in the transaction. Prepare the journal entry to record the exchange.

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