Water Drops,Inc

question 157

Essay

Water Drops,Inc.purchased equipment for $200,000.The company recorded total depreciation of $140,000.On January 1,2017,the company exchanges the equipment for new equipment,paying $150,000 cash.The fair market value of the new equipment is $250,000.Prepare the journal entry to record this transaction.Assume the exchange has commercial substance.

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Definitions:

Homeschooling

The education of children at home by their parents or tutors rather than in a traditional public or private school setting.

Extracurricular Activities

Activities that students participate in outside of the regular academic curriculum, such as sports, clubs, music, and arts, which can contribute to their personal and educational development.

Effectiveness Rates

The proportion or percentage in which a particular treatment, procedure, or strategy achieves its intended purpose.

African American

An ethnic group in the United States with total or partial ancestry from any of the black racial groups of Africa.