Business, 14.04.2020 17:28, blevinsiman

Vaughn Co. owns a machine that costs $48,000 with accumulated depreciation of $21,200. Vaughn exchanges the machine for a newer model that has a market value of $58,000. 1. Record the exchange assuming Vaughn paid $32,800 cash and the exchange has commercial substance. 2. Record the exchange assuming Vaughn pays $24,800 cash and the exchange lacks commercial substance.

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Vaughn Co. owns a machine that costs $48,000 with accumulated depreciation of $21,200. Vaughn exchan...