Work Room Company purchased equipment for $45,000. Total depreciation of $36,000 was recorded. On January 1, 2019, Work Room exchanged the equipment for new equipment, paying $65,000 cash. The market value of the new equipment is $65,000. Prepare the journal entry to record this transaction. Assume the exchange had commercial substance. Omit explanation.
What will be an ideal response?
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Identify the statement that is incorrect.
A. Risk is higher if a company has more liabilities. B. Lower financial leverage involves lower risk. C. The debt ratio is one measure of financial risk. D. Higher financial leverage involves higher risk. E. Risk is higher if a company has more assets.
Which statement is true about an individualist society?
*a. People are expected to act in their own interests. b. There are mutual obligations with strong loyalty. c. Employees behave according to expectations. d. Hiring of relatives makes sense.
Partners are permitted to sue the partnership or individual partners at law
Indicate whether the statement is true or false
Which of the following data collection methods is most likely to generate the largest nonresponse?
A) Mail surveys B) Direct observation C) Telephone surveys D) Personal interviews