A company purchased equipment valued at $66000. It traded in old equipment for a $9000 trade in allowance. The old equipment cost $44000 and accumulated depreciation of $36000. This transaction has commercial substance. What is the recorded value of the new equipment?

Question

03-07-2021
Business

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A company purchased equipment valued at $66000. It traded in old equipment for a $9000 trade in allowance. The old equipment cost $44000 and accumulated depreciation of $36000. This transaction has commercial substance. What is the recorded value of the new equipment?

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