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:

Psychotherapy

A treatment method for mental health disorders that involves talking with a mental health professional to bring about changes in thoughts, feelings, and behaviors.

Panic Attack

A sudden onset of intense fear or discomfort, often with physical symptoms such as heart palpitations, dizziness, and shortness of breath.

Shortness of Breath

A distressing sensation of not being able to breathe adequately, which can be symptomatic of various health issues.

Choking

The obstruction of the airway, leading to difficulty breathing, which can be a life-threatening emergency.