Jones Corp

question 179

Essay

Jones Corp.purchased equipment for $45,000.Total depreciation of $36,000 was recorded.On January 1,2017,Jones exchanged the equipment for new equipment,paying $56,000 cash.The market value of the new equipment is $65,000.Prepare the journal entry to record this transaction.Assume the exchange has commercial substance.

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Definitions:

Edema

A medical condition characterized by the accumulation of excess fluid in body tissues, causing swelling.

Morning Sickness

Nausea and vomiting that typically occurs in the early stages of pregnancy, usually in the morning.

Menstrual Period

The monthly shedding of the lining of the uterus (endometrium), leading to bleeding that typically lasts a few days.

Breast Tenderness

The sensation of pain or discomfort in the breasts, which can result from hormonal changes, injury, or medical conditions.