Willis Company Trades in a Printing Press for a Newer

question 80

Multiple Choice

Willis Company trades in a printing press for a newer model. The cost of the old printing press was $61,000, and accumulated depreciation up to the date of the trade-in is $44,000. The company also pays $42,000 cash for the newer printing press. The fair market value of the newer printing press is $72,000. The journal entry to acquire the new printing press will require a debit to Printing Press for:

• A)$42,000.
• B)$61,000.
• C)$72,000.
• D)$105,000.

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Definitions:

Posterior Hippocampus

The region at the back part of the hippocampus in the brain, involved in memory formation and spatial navigation.

Cerebral Cortex

The outer layer of neural tissue of the cerebrum of the brain, playing a key role in memory, attention, perception, cognition, awareness, thought, language, and consciousness.

Cerebrum

The largest part of the brain responsible for higher brain functions, including thought, action, emotion, and reasoning.

Higher Mental Activity

Complex cognitive processes such as thinking, reasoning, problem-solving, and planning, which distinguish higher animals and humans.