Brief Exercise 10-10 Your answer is partially correct. Try again. Concord Compan

Question

Brief Exercise 10-10 Your answer is partially correct. Try again. Concord Company traded a used welding machine (cost $12,780, accumulated depreciation $4,260) for office equipment with an estimated fair value of $7,100. Concord also paid $4,260 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit ?".qniKYA: Accumulated Depreciation-Machinery 4,260 Loss on Disposal of Machinery 5,680 Machinery 12,780 Cash 4,260 Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Journal entry :

Date Accounts explanation debit credit Equipment 7100 Accumlated depreciation-machinery 4260 Loss on disposal of machinery 5680 Machinery 12780 Cash 4260

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