Exchanging plant assets orange corporation purchased, Accounting Basics

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Exchanging plant assets orange corporation purchased

Question: Exchanging plant assets Orange Corporation purchased equipment for $30,000. Orange recorded total depreciation of $24,000 on the equipment. On January 1, 2016, Orange traded in the equipment for new equipment, paying $23,500 cash. The fair market value of the new equipment is $28,500. Journalize Orange Corporation's exchange of equipment. Assume the exchange had commercial substance.

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