A(n) _____________ is an amount owed to another party.

Which of the following asset categories would include the cost of clearing land and removing unwanted buildings?

A) land B) buildings C) land improvements D) machinery and equipment

Dark Room Corp purchased equipment for $45,000

Total depreciation of $36,000 was recorded. On January 1, 2017, Dark 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. What will be an ideal response