XYZ acquired Machine N from ABC. The machine had a cash price of $6,250. XYZ paid for the machine with $1,500 cash and traded in used Machine O, which is similar to N. Machine O originally cost $7,500 and had accumulated amortization of $3,000. Machine N had a market value of $5,500.
Give the entry for XYZ to record the exchange.

Question

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The Answer of XYZ acquired Machine N from ABC. The machine had a cash price of $6,250. XYZ paid for the machine with $1,500 cash and traded in used Machine O, which is similar to N. Machine O originally cost $7,500 and had accumulated amortization of $3,000. Machine N had a market value of $5,500.
Give the entry for XYZ to record the exchange.

XYZ Acquired Machine N from ABC