Cannondale's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019. Prepare the journal entry(ies) necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. These are cities that are considerably larger than other cities within a. List price of new melter Cash paid Cost of old melter (5-year life, $700 salvage value) Accumulated depreciation-old melter (straight-line) Secondhand fair value of old melter $ 15,800 10,000 11,200 6,300 5,200 Global cities Capital cities Its likely these cities can also be primate cities. List price of new melter $ 15,800 Cash paid 10,000 Cost of old melter (5-year life, $700 salvage value) 11,200 Accumulated depreciation-old melter (straight-line) 6,300 Secondhand fair value of old melter 5,200 \begin& The following data relate to the purchase. The Global Cities Index ranks 65 of the world’s most influential urban centers on five dimensions of globalization. Cannondale Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash.
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