On the First Day of the Fiscal Year, a New

question 146

Essay

On the first day of the fiscal year, a new walk-in cooler with a list price of $58,000 was acquired in exchange for an old cooler and $44,000 cash. The old cooler had a cost of $25,000 and accumulated depreciation of $16,000.
Assume the transaction has commercial substance. (a) Determine the gain to be recorded on the exchange.
(b) Journalize the entry to record the exchange.

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Definitions:

Gender Expressions

The external manifestation of an individual's gender identity, usually through their clothing, hairstyle, voice, body shape, etc., which may or may not conform to socially defined behaviors and characteristics typically associated with being either masculine or feminine.

Culture

The enduring behaviors, ideas, attitudes, values, and traditions shared by a group of people and transmitted from one generation to the next.

Communicate

The process of transmitting information, ideas, emotions, skills, or knowledge from one individual or group to another through various means, verbal or non-verbal.

Estrogens

a group of steroid hormones that play a key role in the development and functioning of female reproductive tissues and secondary sexual characteristics.