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Dodson Company Traded in a Manual Pressing Machine for an Automated

Question 101

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Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $8,000 cash.The old machine cost $93,000 and had a book value of $71,000.The old machine had a fair value of $60,000.
Which of the following is the correct journal entry to record the exchange? Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $8,000 cash.The old machine cost $93,000 and had a book value of $71,000.The old machine had a fair value of $60,000. Which of the following is the correct journal entry to record the exchange?

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