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Rivera company exchanges old delivery equipment

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Reference no: EM131140348

1. Rivera Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $31,000 (cost $61,000 less accumulated depreciation $30,000). Its fair market value is $19,000, and cash of $5,000 is paid. Prepare the entry to record the exchange, assuming the transaction has commercial substance. 

Reference no: EM131140348

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