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28. Some time ago, Tiana, Inc. purchased equipment for $200,500. The company recorded total depreciation...

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Accounting

28. Some time ago, Tiana, Inc. purchased equipment for $200,500. The company recorded total depreciation of $140,000. On January 1, 2018, Tiana, Inc. exchanges the equipment for new equipment, paying $150,500 cash. The fair market value of the new equipment is $250,000. Prepare the journal entry with description to record this transaction. Assume Tianas exchange has commercial substance.

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