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Sunland Company traded in a manual pressing machine for an automated pressing machine and gave...

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Accounting

Sunland Company traded in a manual pressing machine for an automated pressing machine and gave $45000 cash. The old machine cost $475000 and had a net book value of $340000. The old machine had a fair value of $285000. Which of the following is the correct journal entry to record the exchange assuming commercial substance? Equipment 330000 Loss on Disposal 55000 Accumulated 135000 Depreciation Equipment Cash 475000 45000 Equipment 655000 Accumulated 135000 Depreciation Equipment Cash Cash 45000 Equipment 285000 Loss on Disposal 55000 Accumulated 135000 Depreciation Equipment 475000 45000 520000 Equipment Equipment 330000 285000 Cash 45000

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