The Bacon Company acquired new machinery with a price of $15,200 by trading in similar old machinery and paying $12,700.The old machinery originally cost $9,000 and had accumulated depreciation of $5,000.In recording this transaction,Bacon Company should record
A)a loss of $1,500
B)the new machinery at $16,700
C)a gain of $1,500
D)the new machinery at $12,700

Question

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The Answer of The Bacon Company acquired new machinery with a price of $15,200 by trading in similar old machinery and paying $12,700.The old machinery originally cost $9,000 and had accumulated depreciation of $5,000.In recording this transaction,Bacon Company should record
A)a loss of $1,500
B)the new machinery at $16,700
C)a gain of $1,500
D)the new machinery at $12,700

The Bacon Company Acquired New Machinery with a Price of $15,200