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.
Definitions:
Foreseeable Future
A time period in which an event or action is predicted or expected to occur.
Economic Benefits
The advantages or gains received by an individual, company, or society from financial activities or investments.
Past Transactions
Previously completed financial activities or operations that a company has engaged in.
Historical Cost Principle
An accounting principle that states all assets should be recorded at their original purchase cost rather than their current market value.
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