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Tomm Tomm
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6 years ago
Rooster Ltd. trades in a printing press for a newer model. The cost of the old printing press was $45,000, and accumulated depreciation up to the date of the trade-in amounts to $33,000. Rooster Ltd. also pays $38,500 cash for the newer printing press. The journal entry to acquire the new printing press will require a:
A) debit to Equipment for $39,000
B) debit to Equipment for $45,000
C) debit to Equipment for $50,500
D) credit to Accumulated Depreciation for $33,000
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
Authors:
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ACC 925
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AlexmosutheAlexmosuthe
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