Cedric Company recently traded in an older model of equipment for a new model. The old...

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Cedric Company recently traded in an older model of equipment for a new model. The old models book value was $191,000 (origi

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Answer 1

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Transaction	General Journal	Debit	Credit
1	Equipment - New	$241,000	-
	Accumulated depreciation	$230,000	-
	Loss on sale of equipment	$11,000	-
	Equipment - Old	-	$421,000
	Cash	-	$61,000

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