Cheng corporation exchanges old equipment for new equipment. the original cost of the old equipment was $90,000, and its accumulated depreciation at the date of exchange was $40,000. the new equipment received had a fair value of $40,000 and a book value of $35,000. the journal entry to record this exchange will include which of the following entries?
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Cheng corporation exchanges old equipment for new equipment. the original cost of the old equipment...
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