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A machine cost $300,000, has annual depreciation expense of $60,000, and has accumulated depreciation of...

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Accounting

A machine cost $300,000, has annual depreciation expense of $60,000, and has accumulated depreciation of $150,000 on December 31, 2017. On April 1, 2018, it was exchanged along with a cash payment of $240,000 for a similar machine with a fair value of $360,000. The exchange has commercial substance. Prepare all journal entries that are necessary at April 1, 2018.

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