Dodson company traded in a manual pressing machine for an automated pressing machine and gave $40,000 cash. the old machine cost $465,000 and had a net book value of $355,000. the old machine had a fair value of $300,000. which of the following is the correct journal entry to record the exchange assuming commercial substance a. equipment 68,000
loss on exchange 11,000
accumulated depreciation 22,000
equipment 93,000
cash 8,000
b. equipment 68,000
equipment 60,000
cash 8,000
c. cash 8,000
equipment 60,000
loss on exchange 11,000
accumulated depreciation 22,000
equipment 101,000
d. equipment 123,000
accumulated depreciation 22,000
equipment 93,000
cash 8,000

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available. two-thirds of the work related to $15,000 of cash received in advance was performed this period. the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired. wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.

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Calculate riverside’s financial ratios for 2014. assume that riverside had $1,000,000 in lease payments and $1,400,000 in debt principal repayments in 2014. (hint: use the book discussion to identify the applicable ratios.)