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Category > Business & Finance Posted 02 Aug 2017 My Price 12.00

seaver Inc. exchanged a machine

seaver Inc. exchanged a machine costing $400,000 with accumulated depreciation of $280,000 for a machine from Goodin Company. Goodin paid $20,800 cash in addition for its machine (which cost $200,000 with accumulated depreciation of $68,000) for the Seaver machine. The Goodin machine has a fair value of $160,000.

Provide the necessary entries to record the transactions on both companies books assuming the machines are similar and Seaver & Goodin are in the same line of business.

Please show calulations. Thank you

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Status NEW Posted 02 Aug 2017 07:08 PM My Price 12.00

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