Mehta company traded a used welding machine cost 16371, Ask an Expert

Accounting

Mehta Company traded a used welding machine (cost $16,371, accumulated depreciation $5,457) for office equipment with an estimated fair value of $9,095. Mehta also paid $5,457 cash in the transaction.

Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957390

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