When a company exchanges machinery and receives a trade-in allowance greater than the book value, this transaction would be recorded with the following entry (assuming the exchange was considered to have commercial substance)?
a. debit cash and machinery; credit accumulated depreciation and machinery
b. debit machinery and accumulated depreciation; credit machinery, cash, and gain on disposal
c. debit cash and machinery; credit accumulated depreciation
d. debit machinery and accumulated depreciation; credit machinery and cash
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