Equipment that cost $50,000 and had accumulated depreciation of $43,000 was traded in for new equipment with a fair market value of $62,000. The old equipment and $55,000 in cash were given up for the new equipment. What is the journal entry to record this exchange of assets?

Question

Quizplus · Accepted Answer

The Answer of Equipment that cost $50,000 and had accumulated depreciation of $43,000 was traded in for new equipment with a fair market value of $62,000. The old equipment and $55,000 in cash were given up for the new equipment. What is the journal entry to record this exchange of assets?

Equipment That Cost $50,000 and Had Accumulated Depreciation of $43,000