A Machine Had an Original Cost of $60,000

question 133

Essay

A machine had an original cost of $60,000.After $45,000 of depreciation was recorded,the machine was traded in on a new machine priced at $75,000.A $10,500 trade-in allowance was received on the old machine and the balance of $64,500 was paid in cash.This transaction has commercial substance.Prepare the general journal entry to record this trade-in.

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Definitions:

Filters

Tools or processes used to remove or separate unwanted parts from a signal or data.

Convenience

Refers to the ease with which a product or service can be used or obtained by consumers.

Meal-delivery Service

A service that prepares and delivers meals to customers' doors, commonly ordered via a website or smartphone app.

Buyer Requirement

The specific criteria and needs that shoppers look for when purchasing a product or service.