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Business, 25.02.2020 00:04 marioh91

Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $279,000 (original cost of $609,000 less $330,000 in accumulated depreciation) and its fair value was $310,000. Cedric paid $71,000 to complete the exchange which has commercial substance.

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Cedric Company recently traded in an older model of equipment for a new model. The old model’s book...
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