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A company's old machine that cost $47,000 and had accumulated depreciation of $36,300 was traded in on a new machine having an estimated 20-year life with an invoice price of $57,700. The company also paid $49,300 cash, along with its old machine to acquire the new machine. If this transaction has commercial substance, the new machine should be recorded at:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940016

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