Machinery acquired at a cost of $80,000 and on which there is accumulated depreciation of $55,000 (including depreciation for the current year to date)is exchanged for similar machinery.Assume that the transaction has commercial substance.For financial reporting purposes,present entries to record the exchange of the machinery under each of the following assumptions:
Definitions:
Operating Expenses
Recurring expenses related to the core operations of a business, excluding the cost of goods sold, such as rent, utilities, and salaries.
Net Income
The net income a business generates once all costs and taxes are deducted from its total revenue.
Units Sold
The total quantity of products sold within a specific timeframe.
Product Cost
The total expenses incurred to produce a product or service, including direct materials, labor, and manufacturing overhead costs.
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