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Posted: June 15th, 2022
Quinn Co. has a machine that cost $30,000 on July 1, 2000.
Quinn Co. has a machine that cost $30,000 on July 1, 2000. Thisold machine had an estimated lifetime of six years and a salvage valueof $6,000. On December 31, 2003, the outdated machine with a truthful market valueof $18,500 is exchanged t o for a new machine with a truthful market worth of$20,000.Required1. Given the above, how a lot money did Quinn must pay?2. Assume that the above alternate lacks industrial substance, preparethe journal entry to document the exchange3. Assume that the above alternate has industrial substance, preparethe journal entry to document the exchange4. Assume the truthful market worth of the brand new machine was $15,000,Quinn acquired $three,500 and the alternate lacks commercialsubstance, put together the journal entry to document the alternate.Please present all work! I’ll award one of the best reply that exhibits work and is appropriate!
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