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Record entry and depreciation expense on december

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On June 4th 2020, Kelly Co. traded equipment with a book value of $23,000 (cost $97,000) along with $70,000 in cash for equipment with a fair value of $100,000. The new equipment will be depreciated over 5 years, using straight line.

Question 1: Record entry and depreciation expense on December 31 2020

Reference no: EM132604225

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