Machines Unlimited acquired Machine N (new) in exchange for a slightly used machine (Machine O) and received $3,000 cash (Machine O was in high demand). The machines were similar. Machine N had a market value (cash equivalent price) of $27,000. Machine O originally cost $45,000 and accumulated amortization at the date of exchange was $24,000.
Give the entry to record the exchange by Machines Unlimited.

Question

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The Answer of Machines Unlimited acquired Machine N (new) in exchange for a slightly used machine (Machine O) and received $3,000 cash (Machine O was in high demand). The machines were similar. Machine N had a market value (cash equivalent price) of $27,000. Machine O originally cost $45,000 and accumulated amortization at the date of exchange was $24,000.
Give the entry to record the exchange by Machines Unlimited.

Machines Unlimited Acquired Machine N (New) in Exchange for a Slightly