Upside Down Company purchased new office equipment for $4,300,by trading in old equipment with a cost of $2,000 and accumulated depreciation to the date of trade of $1,900.Upside Down received a $50 trade-in allowance for the old equipment.This transaction has commercial substance.Prepare the journal entry to record the transaction.

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Quizplus · Accepted Answer

The Answer of Upside Down Company purchased new office equipment for $4,300,by trading in old equipment with a cost of $2,000 and accumulated depreciation to the date of trade of $1,900.Upside Down received a $50 trade-in allowance for the old equipment.This transaction has commercial substance.Prepare the journal entry to record the transaction.

Upside Down Company Purchased New Office Equipment for $4,300,by Trading