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Journalize the exchange entry required

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Reference no: EM133022399

Problem - Bumpy Company has an old machine that originally cost $66,000 and has accumulated depreciation that has grown to $63,500.

The old machine is traded in on a new one instead of simply being disposed of. The agreed upon price of the replacement machine is $77,000.

Journalize the exchange entry required if the dealer offers the following trade-in-allowances (TIA):

a) TIA = $2,500

b) TIA = $1,200

c) TIA = $8.700

Reference no: EM133022399

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