Prepare the journal entry to record the following exchange: Ace Accountants traded equipment with a book...

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Prepare the journal entry to record the following exchange: Ace Accountants traded equipment with a book value of $15,000 for

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Answer 1

Answer #1

Account Titles	Debit	Credit
Equipment (New)	$ 60,000.00
Accumulated depreciation.	$ 32,000.00
Gain on exchange (balancing)		$ 15,000.00
Equipment (32000 + 15000) (Old)		$ 47,000.00
Cash		$ 30,000.00
Exchanged old equipment and cash for new equipment

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Answer 2

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Prepare the journal entry to record the following exchange: Ace Accountants traded equipment with a book...

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