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General Accounting Discussions: help with journalizing trade in

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    • CommentAuthorcda29
    • CommentTimeMay 22nd 2007
     
    Could someone please help me?

    how do i journalize this:

    piece of equipment traded for one new piece.
    equipment piece A-traded in for 400 with book value of 200 and accumulated depreciation of 250. original purchase price 500. note payoff amount 265

    new equipment piece c- additional amount financed 5,000 (of amount financed 2500 toward lease purchase, 2500 deposited to my company's bank account)

    any help provided is GREATLY appreciated!!!

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