Business, 23.06.2020 21:01 santiagobermeo32
Pearce Corporation exchanges old equipment for new equipment. The original cost of the old equipment was $120,000, and its accumulated depreciation at the date of exchange was $40,000. The new equipment received had a fair value of $50,000 and a book value of $32,000. The journal entry to record this exchange will include which of the following entries?
Debit equipment $50,000
Debit loss on exchange $30,000
Credit equipment $120,000
Debit accumulated depreciation $40,000
Answers: 1
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Pearce Corporation exchanges old equipment for new equipment. The original cost of the old equipment...
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