The Original Cost of a Machine Was $60,000

question 171

Essay

The original cost of a machine was $60,000.After $45,000 of depreciation was recorded,the machine was traded in on a new machine of like purpose priced at $75,000.A $10,500 trade-in allowance was received on the old machine and the balance of $64,500 was paid in cash.Prepare the general journal entry to record this trade-in.

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Definitions:

Promotion Efforts

Actions and strategies employed by companies to increase awareness and sales of their products or services.

Communication Adaptation Strategy

This involves adjusting a company’s communication methods to better fit the cultural and social norms of different target markets.

Global Markets

Worldwide trading environments where goods, services, and financial instruments are bought and sold.

Promotion Efforts

The activities and strategies used to increase awareness of a product or service, aiming to boost sales and customer engagement.