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A company exchanged an old automobile for a newer model.The old automobile account had a cost of $36,000 and accumulated depreciation of $25,000 as of the exchange date.The new automobile had a cash price of $34,000,but the company was given a $15,000 trade-in allowance and the balance of $19,000 was paid in cash.Prepare the journal entry to record the exchange,if the transaction lacks commercial substance.
Broccoli
A green vegetable with a large flowering head that is eaten as a vegetable.
Pounds
A unit of currency used in the United Kingdom and other territories.
Comparative Advantage
An economic principle that refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another.
Rice
A staple grain consumed worldwide, serving as a primary food source for a large portion of the global population.
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