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Beeman Company exchanged machinery with an appraised value of $1755000 a recorded cost of $2700000 and Accumulated Depreciation of $1350000 with Lacey Corporation for machinery Lacey owns.

Beeman Company exchanged machinery with an appraised value of $1,755,000, a recorded cost of $2,700,000 and Accumulated Depreciation of $1,350,000 with Lacey Corporation for machinery Lacey owns. The machinery has an appraised value of $1,695,000, a recorded cost of $3,240,000, and Accumulated Depreciation of $1,782,000. Lacey also gave Beeman $60,000 in the exchange. Assume depreciation has already been updated. Required: Prepare the journal entry required in proper format to record the exchange for Lacey; assume that the exchange had commercial substance (show all calculations for partial credit review).

May 18 2020 View more View Less

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