23-1) Metro Industries trades its used machine for a new model atDenver Inc. The used machine has a book value of $8,000 (cost $12,000 less $4,000 accumulated depreciation) and a fair value of $6,000.The new model has a fair value of $16,000.A) How much does Metro have to pay to or receive from Denver?Why?B) Prepare Metro’s journal entry to record this exchange. Assume the exchange has commercial substance>Business Accounting ACC 3510Get a plagiarism-free order today we guarantee confidentiality and a professional paper and we will meet the deadline.
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