Cedric Company recently traded in an older model computer for a new model. The old...
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Accounting
Cedric Company recently traded in an older model computer for a new model. The old models book value was $234,000 (original cost of $514,000 less $280,000 in accumulated depreciation) and its fair value was $260,000. Cedric paid $66,000 to complete the exchange which has commercial substance.
Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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You can see the logs in the Dashboard.