A Company Exchanged an Old Machine, Which Originally Cost $22,000

question 154

Short Answer

A company exchanged an old machine, which originally cost $22,000 and has accumulated depreciation to date of $12,000, for a new machine. The old machine had a fair market value of $14,000. The cost of the new machine should be recorded at $_____________.

---

Definitions:

Likert Scales

A psychometric scale commonly used in questionnaires to measure respondents' attitudes, opinions, or perceptions by offering a range of fixed responses.

Numbered Continuum

A sequential arrangement of items or values where each entry is numbered, indicating its position within a linear progression or scale.

Problem Statement

A concise description of an issue to be addressed or solved, typically outlining the context and significance.

Statement of the Problem

A clear description of an issue or challenge that needs to be addressed or solved, usually at the beginning of research.