A Computer Server System,which Had Cost $210,000 and Had Accumulated

question 29

Essay

A computer server system,which had cost $210,000 and had accumulated depreciation of $147,000,was traded for a new system with a fair market value of $235,000.The old system and cash of $180,000 were given for the new system.Prepare the journal entry for the exchange of these similar assets assuming the income tax method is used to record the exchange.

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Definitions:

Acts Courageously

The willingness to face fear, uncertainty, or difficulty by taking bold and principled actions.

Ethical Leaders

Leaders who demonstrate and promote ethical behavior within their organizations through their decisions, actions, and influence on others.

Social Collectives Exclusive

Unique groupings or classes of individuals within society that share common attributes, goals, or interests distinguishing them from others.

Ethical Leadership

A leadership style that is characterized by guiding others in ethical ways to establish and maintain a moral relationship between leaders and followers.