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Please record the required journal entries

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Question - A machinery with a book value of $400,000 is being sold and replaced by XYZ. It has been used for several years and XYZ Corp. is looking for a buyer, so that the old machinery can be sold to make room for the new machinery that is scheduled to deliver within the next three months. The new machinery is sold to XYZ at price of $350,000, and the old equipment has been advertised for sales at $300,000. Costs of taking apart the machinery are estimated to be $50,000. Please record the required journal entries.

Reference no: EM133152908

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