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Work Room Company purchased equipment for $45,000.Total depreciation of $36,000 was recorded.On January 1,2019,Work Room exchanged the equipment for new equipment,paying $65,000 cash.The market value of the new equipment is $65,000.Prepare the journal entry to record this transaction.Assume the exchange had commercial substance.Omit explanation.
Research and Development
The innovation process in industries that involves the investigation of new ideas and the development of new products or processes.
Power and Authority
The capacity to influence or control the behavior of others, often backed by recognized social or legal standards.
Cross-cultural Communication Barriers
Obstacles that hinder effective communication between people from different cultural backgrounds due to differences in language, norms, and expectations.
Native Languages
The first languages that people learn in childhood and identify as part of their cultural heritage.
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