Solved: Its fair value is 19000 and cash of 5000 is paid prepare, Cost Accounting

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Its fair value is 19000 and cash of 5000 is paid prepare

Edmund Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $31,000 (cost $61,000 less accumulated depreciation $30,000). Its fair value is $19,000, and cash of $5,000 is paid. Prepare the entry to record the exchange, assuming the transaction has commercial substance.

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Cost Accounting: Its fair value is 19000 and cash of 5000 is paid prepare

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