Concord Corporation traded in a manual pressing machine for an automated pressing machine and gave $43000 cash. The old machine cost $471000 and had a net book value of $336000. The old machine had a fair value of $300000. Which of the following is the correct journal entry to record the exchange assuming commercial substance?
A. Equipment 343000
Equipment 300000
Cash 43000
B. Equipment 343000
Loss on Disposal 36000
Accumulated Depreciation 135000
Equipment 471000
Cash 43000
C. Cash 43000
Equipment 300000
Loss on Disposal 36000
Accumulated Depreciation 135000
Equipment 514000
D. Equipment 649000
Accumulated 135000
Depreciation Equipment 471000
Cash 43000
Answers: 3
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