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Machinery acquired at a cost of $76,900 and on which there is accumulated depreciation of...

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Accounting

Machinery acquired at a cost of $76,900 and on which there is accumulated depreciation of $30,000 (including any partial year) is exchanged for similar machinery. For financial reporting purposes, present the journal entries for each of the following:

(A) Price of new equipment is $95,000, trade-in allowance on old equipment is 39,400; balance paid in cash. Journalize the entries.

(B) Price of new equipment is $95,000, trade-in allowance on old equipment is 47,500; balance paid in cash. Journalize the entries.

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