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A company owns equipment that had cost $50,000 and has accumulated depreciation of $22,200. The...

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Accounting

A company owns equipment that had cost $50,000 and has accumulated depreciation of $22,200. The company exchanges the equipment for a newer model that has a market value of $60,000.
Required:
Record the exchange assuming the company paid $33,800 cash and the exchange has commercial substance.
Record the exchange assuming the company paid $25,800 cash and the exchange has commercial substance.
Journal entry worksheet
A
B
Record the exchange assuming the company paid $33,800 cash and the exchange has commercial substance.
Note: Enter debits before credits.
\table[[Transaction,General Journal,Debit,Credit],[1,,,],[,,,],[,,,],[,,,],[,,,]]
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