Briyanne Company Purchased a Computer for $5,000

question 74

Essay

Briyanne Company purchased a computer for $5,000. During 2015 and 2016, the company recorded total depreciation of $4,000 on the computer. On January 1, 2017, the company traded in the computer for a new one, paying $4,000 cash. The fair market value of the new computer is $6,000. Journalize the company's exchange of computers. Assume the exchange had commercial substance.

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Definitions:

Free Blacks

African Americans who were not enslaved and lived freely, especially prevalent in the United States before the Civil War.

Testify In Court

The act of giving a statement or evidence under oath in a legal proceeding, with the purpose of establishing the facts of a case.

Wealthy Enough

Having sufficient financial resources or assets to live comfortably without financial stress or need.

Agricultural Work

Labor involved in farming, including the cultivation of crops and the rearing of livestock, a fundamental sector in many economies.