The Bacon Company acquired new machinery with a price of $13,417 by trading in similar...
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Accounting
The Bacon Company acquired new machinery with a price of $13,417 by trading in similar old machinery and paying $12,075. The old machinery originally cost $9,250 and had accumulated depreciation of $7,400. In recording this transaction, Bacon Company should record
A. a loss of $508
B. the new machinery at $11,567
C. the new machinery at $12,075
D. a gain of $508
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