Briyanne,Inc

question 162

Essay

Briyanne,Inc.purchased a computer for $5,000.During 2016 and 2017,the company recorded total depreciation of $4,000 on the computer.On January 1,2018,the company exchanges the computer for a new one,paying $4,000 cash.The market value of the new computer is $6,000.Prepare the journal entry to record this transaction.Assume the exchange has commercial substance.

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Definitions:

Sustainable

The quality of not being harmful to the environment or depleting natural resources, and thereby supporting long-term ecological balance.

Benefit

Part of an employee’s compensation in addition to wages and salaries.

Competitive Advantage

The attribute that allows an organization to outperform its competition, achieved through offering higher value to consumers or producing goods or services at a lower cost.

Relative

An item or factor considered in relation or in proportion to something else.