A Company Exchanges an Old Machine for a New Machine

question 157

Multiple Choice

A company exchanges an old machine for a new machine and cash is paid for the new machine.Assume there is a Gain on Exchange of Machine.In the journal entry to record the exchange by the owner of the old machine,which accounts will be debited?

• A)Machine and Accumulated Depreciation - Machine
• B)Cash and Machine
• C)Accumulated Depreciation - Machine,Cash and Machine
• D)Accumulated Depreciation - Machine,Cash,Machine and Gain on Exchange of Machine

---

Definitions:

Hopelessness

A feeling or state of despair, often resulting from prolonged suffering or when facing seemingly insurmountable challenges.

Higher Power

A spiritual presence or entity believed to have greater power and influence over human affairs.

Religious Services

Formalized periods of communal worship and practices observed within various faith traditions.

Life Goals

Objectives or aims that a person seeks to achieve over the course of their life, covering personal, professional, and health ambitions.