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If the trade-in value received for the old equipment is

Question - Equipment costing $118,000 has accumulated depreciation of $92,000. The equipment is a trade-in for new equipment costing $187,000. If the trade-in value received for the old equipment is $30,000, what is the journal entry to record this transaction? Please show equations, thanks.

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Accounting Basics: If the trade-in value received for the old equipment is

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