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Annie Company Purchased a Computer for $5,000

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Annie Company purchased a computer for $5,000.During 2018 and 2019,the company recorded total depreciation of $4,000 on the computer.On January 1,2020,the company exchanges the computer for a new one,paying $4,000 cash.The market value of the new computer is $6,000.Prepare the journal entry to record this transaction.Assume the exchange has commercial substance.Omit explanation.


Definitions:

Ethical Research

The practice of conducting studies and experiments according to established ethical guidelines, ensuring respect, fairness, and care for subjects involved.

Debriefing

A process following a project, mission, or significant event where participants and stakeholders come together to discuss what happened, analyze outcomes, and learn from the experience.

Voluntary Participation

The principle that individuals choose to participate in an activity or research without coercion.

Operationalization Process

The procedure of defining the measurement of a phenomenon that is not directly measurable, by aligning it with an observable operation, quality, or quantity.

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