Willis Company Trades in a Printing Press for a Newer

question 22

Multiple Choice

Willis Company trades in a printing press for a newer model.The cost of the old printing press was $60,000,and accumulated depreciation up to the date of the trade-in amounts to $40,000.The company also pays $40,000 cash for the newer printing press.The fair market value of the newer printing press is $70,000.The journal entry to acquire the new printing press will require a debit to Printing Press for:

• A)$40,000.
• B)$60,000
• C)$70,000.
• D)$100,000.

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Definitions:

Genetic Predisposition

The increased likelihood of developing a particular disease or condition based on an individual's genetic makeup.

Goal-directed Behaviour

describes actions that are motivated by an intention to achieve a specific outcome or objective.

Motivation

The inner drive or process that energizes, guides, and maintains behavior towards achieving a goal.

Voluntary Behaviour

Actions that are under conscious control, as opposed to reflexive or involuntary actions.