Wilkins Company Exchanged Its Old Computer for a Newer Model

question 86

Essay

Wilkins Company exchanged its old computer for a newer model.The Old Computer was purchased for $22,000,with related accumulated depreciation of $15,500 to the date of the exchange.The new computer had a cash price of $30,200,and Wilkins Company was given a $7,500 trade-in allowance.This transaction has commercial substance.Prepare the general journal entry to record the exchange,recording the new computer in an account called New Computer.

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Definitions:

Occupational Safety

The discipline focused on the safety, health, and welfare of people engaged in work or employment, aiming to reduce workplace hazards and prevent accidents and injuries.

Citations Posting

The act of documenting and sharing references or sources, typically used in academic or professional research to acknowledge the original works of others.

Hazard Violation

A breach of workplace safety standards that poses a risk to health and safety.

Job Hazard Analysis

Safety promotion technique that involves breaking down a job into basic elements, then rating each element for its potential for harm or injury.