Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $24,000 cash. The old machine cost $279,000 and had a net book value of $213,000. The old machine had a fair value of $180,000. Which of the following is the correct journal entry to record the exchange? a. Equipment (new) 204,000
Loss on Disposal 33,000
Accumulated Depreciation 66,000
Equipment 279,000
Cash 24,000
b. Equipment (new) 204,000
Equipment 120,000
Cash 24,000
c. Cash 24,000
Equipment (new) 180,000
Loss on Disposal 33,000
Accumulated Depreciation 66,000
Equipment 303,000
d. Equipment (new) 369,000
Accumulated Depreciation 66,000
Equipment 279,000
Cash 24,000