HF Had Asset a That Was Reflected in the Company

question 28

Essay

HF had asset A that was reflected in the company records as follows: Cost, $25,000; accumulated amortization, $20,000. Its market value: $6,000. HF acquired asset B that had a cash price of $13,500 and paid for it by trading in asset A plus paying cash boot of $8,000. Give the entry by HF to record the acquisition of asset B, assuming the two assets was:
(A) Similar:
(B) Dissimilar:

---

Definitions:

Behaviorist

A psychologist or scientist who focuses on observable behaviors rather than internal thought processes or feelings.

Self-Actualization

The realization or fulfillment of one's talents and potentialities, often considered to be a driving motivation in humans.

Ivan Pavlov

was a Russian physiologist best known for his work in classical conditioning, particularly his experiments with dogs, demonstrating the learning process that came to be known as Pavlovian conditioning.

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior.