XZ Owned Asset a That Was Reflected in the Accounts

question 68

Essay

XZ owned Asset A that was reflected in the accounts as: cost, $30,000 and accumulated amortization, $20,000. Its market value in present condition is reliably estimated to be $12,000. XZ acquired Asset B (a similar asset) that had a firm cash price of $16,000. The asset acquired (B) was paid for by trading in Asset A and paying cash of $8,000.
Give the entry XZ should make to record this transaction.

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