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This question was created from Quiz 3 – ACCT 220 questionss.pdf

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This question was created from Quiz 3 – ACCT 220 questionss.pdf https://www.coursehero.com/file/38333977/Quiz-3-ACCT-220-questionsspdf/

38333977-353719.jpeg

38333977-353719.jpeg

38333977-353719.jpeg

Question 6 (10 points)
On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six
years and an estimated residual value of $4,000. Frostburg has recorded depreciation of the equipment
using the straight-line method. On December 31, 2019, before making any annual adjusting entries, the
equipment was exchanged for new machinery having a fair value of $35,000. The transaction has
commercial substance. Use this information to prepare all General Journal entries (without
explanation) required to record the events for December 31, 2019.
 
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