7A. Metro Graphic, purchased equipment for $26,000. Metro recorded total depreciation of $22,000 on the...
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7A. Metro Graphic, purchased equipment for $26,000. Metro recorded total depreciation of $22,000 on the equipment. Assume that Metro exchanged the old equipment for new equipment, paying $5,200 cash. The fair market value of the new equipment is $8,700. Journalize Metro's exchange of equipment. Assume this exchange has commercial substance. Let's begin by calculating the gain or loss on the exchange of equipment. (Enter a loss with a minus sign or parentheses.) 8700 Market value of assets received Less: Book value of asset exchanged Cash paid Gain or (Loss) Journalize Metro's exchange of equipment (Record a single compound journal entry. Record debits first. then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Fruinment (nowl
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