Thomas Company Trades in a Printing Press for a Newer

question 155

Multiple Choice

Thomas Company trades in a printing press for a newer model. The cost of the old printing press was $61,500, and accumulated depreciation up to the date of the trade-in amounts to $38,000. The company also pays $41,200 cash for the newer printing press. The journal entry to acquire the new printing press will require a debit to Equipment for:

• A) $41,200.
• B) $61,500.
• C) $64,700.
• D) $102,700.

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Definitions:

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