Creek Construction purchased a machine for $26,000. It traded in an old machine and received a $4,200 trade-in allowance. The old machine cost $24,000 and hadaccumulated depreciation of $16,000 to the date of trade-in. At what value should be new asset be recorded?

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The Answer of Creek Construction purchased a machine for $26,000. It traded in an old machine and received a $4,200 trade-in allowance. The old machine cost $24,000 and hadaccumulated depreciation of $16,000 to the date of trade-in. At what value should be new asset be recorded?

Creek Construction Purchased a Machine for $26,000