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Pharoah company traded a used welding machine for office

Question - Pharoah Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with an estimated fair value of $5,700. Pharoah also paid $3,420 cash in the transaction.

Prepare the journal entry to record the exchange.

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Accounting Basics: Pharoah company traded a used welding machine for office

Reference No:- TGS02928462

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Accounting Basics: Pharoah company traded a used welding machine for office

Reference No:- TGS02928462

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