White Corporation purchased equipment for $22,000. White recorded total depreciation of $19,000 on the equipment. On January

Question:

White purchased equipment for $22,000. White recorded total depreciation of $19,000 on the equipment. On January 1, 2018, White traded in the equipment for new equipment, paying $23,200 cash. The fair market value of the new equipment is $25,100. Journalize White Corporation's exchange of equipment. Assume the exchange had commercial substance.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...