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Willis Company trades in a printing press for a newer model. The cost of the...

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Accounting

Willis Company trades in a printing press for a newer model. The cost of the old printing press was $60,000, and accumulated depreciation up to the date of the trade-in is $43,000. The company also pays $43,000 cash for the newer printing press. The fair market value of the newer printing press is $70,000 The journal entry to acquire the new printing press will require a debit to Printing Press for A. $43,000 B. $103,000. C. $70,000. D. $60,000

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