Bacon company acquired new machinery, Accounting Basics

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Bacon company acquired new machinery

Problem:

The Bacon Company acquired new machinery with a price of $13,562.00 by trading in similar old machinery and paying $12,205.80. The old machinery originally cost $8,970.00 and had accumulated depreciation of $7,176.00. In recording this transaction, what should Bacon Company record

Note: Please explain comprehensively and give step by step solution.

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Accounting Basics: Bacon company acquired new machinery

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Accounting Basics: Bacon company acquired new machinery

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