A computer server system, which had cost $210,000 and had accumulated
depreciation of $147,000, was traded for a new system with a fair market value
of $235,000. The old system and cash of $180,000 were given for the new system.
Prepare the journal entry for the exchange of these similar assets.
depreciation of $147,000, was traded for a new system with a fair market value
of $235,000. The old system and cash of $180,000 were given for the new system.
Prepare the journal entry for the exchange of these similar assets.