18.OT Save Question 8 3.5 points MSN Company owns an old machine that cost $60,000,...
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18.OT Save Question 8 3.5 points MSN Company owns an old machine that cost $60,000, has annual depreciation expense of $12,000 and has accumulated depreciation of $30,000 on December 31, 2020 On March 31, 2021, when the machine has a fair value of $24,000, it was exchanged for a similar machine that worth $72,000 and the proper amount of cash is paid. The exchange lacks commercial substance Required: Prepare the necessary journal entries on March 31, 2021. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BIVS Paragraph Arial 10pt V V > 11! 5 A I. . O WORDS POWERED BY TINY
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