XYZ Acquired Machine N from ABC

question 197

Essay

XYZ acquired Machine N from ABC. The machine had a cash price of $6,250. XYZ paid for the machine with $1,500 cash and traded in used Machine O, which is similar to N. Machine O originally cost $7,500 and had accumulated amortization of $3,000. Machine N had a market value of $5,500.
Give the entry for XYZ to record the exchange.

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Definitions:

Marriage

A legally or culturally sanctioned union between individuals that establishes rights and obligations between them, as well as with any children and in-laws.

Kinetograph

The first viable motion-picture camera, invented by W. K. L. Dickson for the Edison Manufacturing Company and patented in 1891.

Kinetoscope

Thomas Edison’s peephole viewer, in which short, primitive moving pictures could be seen.

Zoetrope

A motion toy consisting of a bowl-like apparatus with slots for viewers to peer through.