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Question 7 3.5 points MSN Company owns an old machine that cost $30,000, has annual...

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Question 7 3.5 points MSN Company owns an old machine that cost $30,000, has annual depreciation expense of $8,000, and has accumulated depreciation of $15,000 on December 31, 2020. On April 30, 2021, when the machine has a fair value of $12,000, it was exchanged for a similar machine that worth $36,000 and the proper amount of cash is paid. The exchange lacks commercial substance Required: Prepare the necessary Journal entries on April 30, 2021. For the toolbar, press ALT-F50 (PC) or ALTEFN-10 Mac) BIV Paragraph 10pt I. !!! a IN > Air

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