Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $24,000 cash. The old machine cost $279,000 and had a net book value of $213,000. The old machine had a fair value of $180,000.Which of the following is the correct journal entry to record the exchange? 
Definitions:
Input Demand
Refers to the demand for production inputs (like labor and raw materials), driven by the demand for the outputs those inputs produce.
Competitive Price
A pricing strategy where the price is set based on what competitors are charging for similar products or services.
Market Price
The current price at which a good or service can be bought or sold in a marketplace.
Unionized Plumbers
Plumbers who are members of a labor union, which negotiates wage rates and working conditions on their behalf.
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