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During the current year,a company acquired a new computer with a cash price of $12,800 by exchanging an old one on which the company received a $1,500 trade-in allowance (with the balance of $11,300 paid in cash).The old computer cost $9,000 and its accumulated depreciation was $5,500 as of the exchange date.Prepare the journal entry to record the exchange.
Individualist Culture
A culture that emphasizes personal achievements, autonomy, and independence, often prioritizing individual goals over group cohesion.
Personal Responsibility
The obligation to take ownership of one's actions, decisions, and their impacts on others, including acknowledging and addressing any consequences.
Social Relationships
Connections or associations between two or more individuals based on various factors such as friendship, kinship, common interests, or roles.
Collectivist Culture
A society that prioritizes the group over individual goals and values interdependence, communal living, and shared responsibilities.
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