On April 1 of the Current Year,a Company Traded an Old

question 165

Essay

On April 1 of the current year,a company traded an old machine that originally cost $32,000 and that had accumulated depreciation of $24,000 for a similar new machine that had a cash price of $40,000.
1.Give the entry to record the exchange under the assumption that a $5,000 trade-in allowance was received and the balance of $35,000 was paid in cash.
2.Give the entry to record the exchange under the assumption that instead of a $5,000 trade-in allowance,a $12,500 trade-in allowance was received and the balance of $27,500 was paid in cash.

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Definitions:

DNA Nucleotides

The basic building blocks of DNA, consisting of adenine, cytosine, guanine, and thymine, which encode the genetic information.

Gene Mutation

Altered gene whose sequence of bases differs from the original sequence.

Founder Effect

A genetic phenomenon that occurs when a new population is established by a very small number of individuals, leading to a reduced genetic diversity.

Industrial Melanism

A phenomenon in which darker forms of species evolve in polluted environments, typically as a result of higher survival rate against predation.