Myers Corporation Exchanged an Old Machine Costing $20,000,with an Accumulated

Myers Corporation exchanged an old machine costing $20,000,with an accumulated depreciation of $17,000,and trade-in value of $5,000 for a new machine cash price of $24,000.What is the journal entry?

A) Debit Machinery $22,000; debit Accumulated Depreciation $17,000; credit Machinery $20,000; credit Cash $19,000
B) Debit Machinery $19,000; debit Accumulated Depreciation $17,000; credit Gain on Disposal of Plant Asset $3,000; credit Machinery $20,000; credit Cash $19,000
C) Debit Machinery $24,000; debit Accumulated Depreciation $17,000; credit Machinery $20,000; credit Cash $19,000; credit Gain on Disposal $3,000
D) None of these answers are correct.