Annie Company Purchased a Computer for $5,000

question 11

Essay

Annie Company purchased a computer for $5,000.During 2018 and 2019,the company recorded total depreciation of $4,000 on the computer.On January 1,2020,the company exchanges the computer for a new one,paying $4,000 cash.The market value of the new computer is $6,000.Prepare the journal entry to record this transaction.Assume the exchange has commercial substance.Omit explanation.

---

Definitions:

Motivation

The reasons or driving forces behind individuals' actions and behavior, which can be intrinsic or extrinsic.

Role Perceptions

The understanding an individual has about their job duties, responsibilities, and expectations within an organization.

Collectivist

Pertaining to cultures or societies that prioritize group goals over individual ones, emphasizing community, cooperation, and interdependence.

Individualistic

A cultural or personal orientation that emphasizes independence, self-reliance, and the priority of individual goals over group objectives.