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Sheffield Company traded a used welding machine (cost $12,600, accumulated depreciation $4,200) for office equipment...

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Accounting

Sheffield Company traded a used welding machine (cost $12,600, accumulated depreciation $4,200) for office equipment with an estimated fair value of $7,000. Sheffield also paid $4,200 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

Account Titles

Debit

Credit

1.

2.

3.

4.

5.

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