Mbappe Airways replaces the seats in one of its airplanes. The new seats have a...
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Accounting
Mbappe Airways replaces the seats in one of its airplanes. The new seats have a price of $970,000. The old seats have an original cost of $530,000 and accumulated depreciation of $478,000. Mbappe gave the old seats and $925,000 cash for the new seats. What is the effect of the entry to record the replacement on total assets?
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No effect
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Increase of $97,000
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Increase of 45,000
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Decrease of $7,000
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Decrease of $52,000
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