Black N White Company Purchased Equipment for $45,000

question 99

Essay

Black n White Company purchased equipment for $45,000. The company recorded total depreciation of $36,000 on the equipment. On January 1, 2015, Black n White traded in the equipment for new equipment, paying $65,000 cash. The fair market value of the new equipment is $65,000. Journalize the company's exchange of equipment. Assume the exchange had commercial substance.

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Definitions:

Sociology

The study of the development, structure, and functioning of human society, including patterns of social relationships, social interaction, and culture.

Slavery

A system in which individuals are owned by others, deprived of personal freedom, and forced to work without compensation.

Canadians

Citizens of Canada, a country in North America, known for its multicultural society and bilingual official languages of English and French.

Segregation

The enforced separation of different racial or social groups within a community or society.