A Machine Had an Original Cost of $60,000

question 133

Essay

A machine had an original cost of $60,000.After $45,000 of depreciation was recorded,the machine was traded in on a new machine priced at $75,000.A $10,500 trade-in allowance was received on the old machine and the balance of $64,500 was paid in cash.This transaction has commercial substance.Prepare the general journal entry to record this trade-in.

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Definitions:

Burnout

A state of physical, emotional, and mental exhaustion caused by prolonged stress, often resulting from overwork or workplace frustration.

Idealistic

Characterized by the pursuit or belief in high and often unrealistic goals or principles.

Extraverted

A personality trait characterized by being outgoing, talkative, and energized by interactions with other people.

HDL Cholesterol

High-density lipoprotein cholesterol, often referred to as "good" cholesterol, which helps reduce the risk of heart disease.