Business, 04.05.2021 03:20, iilovejohnccena1022

Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $40,000 cash. The old machine cost $455,000 and had a net book value of $355,000. The old machine had a fair market value of $300,000. Which of the following is the correct journal entry to record the exchange? The journal entry includes a debit to Equipment $340,000 and a debit to Loss $55,000.
The journal entry includes a debit to Equipment $340,000 and a debit to Cash $40,000.
The journal entry includes a debit to Equipment $285,000 and a credit to Accumulated Depreciation $110,000.
The journal entry includes a debit to Equipment $285,000 and a debit to Accumulated Depreciation $110,000.

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Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $40,00...