Gold Grain Construction (GGC) Exchanged a Three-Year-Old Excavator for a New

question 33

Essay

Gold Grain Construction (GGC) exchanged a three-year-old excavator for a new excavator that had a list price of $73,000, which was its fair value. The old excavator originally cost $85,000 and has accumulated depreciation of $45,000 to the date of exchange. In addition to the $45,000 trade-in given for the old excavator, GGC paid $8,000 cash to complete the deal.
Record the asset exchange.

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Definitions:

Authentic Leadership

A leadership style that is based on honesty, transparency, and ethical behavior, encouraging leaders to be genuine and to lead with their true selves.

Cross-Cultural Research

The examination of cultural variances and similarities in behavior, attitudes, and norms across different societies.

Effective Leadership

The capability of a leader to inspire, influence, and guide others toward achieving organizational goals successfully.

Morally Justifiable

relates to actions or decisions that can be defended on ethical grounds, being in alignment with moral principles or values.