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*****PALUS La Moving to another question will save this response Contin29 Question 2 3.5 points...

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Accounting

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*****PALUS La Moving to another question will save this response Contin29 Question 2 3.5 points MSN Company owns an old machine that cost $60,000, has annual depreciation expense of $12.000, and has acumulated 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 FOPC) or ALTHFNT (Mac BTU $ Paragraph Aral 10pt T. XO O Q5 III O WORDS POWER Moving to another question will save this response 84F Clear ADAM 0 ENG 10/1/201

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