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Jakubowski Inc exchanged old equipment and received new equipment plus $1,500 cash. The old equipment...

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Jakubowski Inc exchanged old equipment and received new equipment plus $1,500 cash. The old equipment had a book value of $14,000 (original cost of $35,000 less $21,000 in accumulated depreciation) and a fair value of $19,200 Prepare the journal entry to record the exchange. [11 points]

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