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Pronghorn Company traded a used welding machine (cost $11,700, accumulated depreciation $3,900) for office equipment...

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Accounting

Pronghorn Company traded a used welding machine (cost $11,700, accumulated depreciation $3,900) for office equipment with an estimated fair value of $6,500. Pronghorn also paid $3,900 cash in the transaction.
Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

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