SADA Question 1 3.5 points MSN Company owns an old machine that cost $30,000, has...
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SADA Question 1 3.5 points MSN Company owns an old machine that cost $30,000, has annual depreciation expense of $6,000, 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 ALTF10(PO Or ALTOFN+F10(Mac). BIUS Paragraph 10pt EA Anal iii BE
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