Please enter the following entry into a genral journal. Clearlylabel with debits and credits please.
(6) On May 1, 20x7 an old pressing machine wastraded in for a new computerized processing machine. These machineswere used on different production lines and considered asdissimilar equipment. The old pressing machine cost $157,000 whenit was purchased on May 1, 20x3 and had a useful life of 8 yearswith a salvage value of $13,000. A $90,000 trade-in allowance wasgiven for the pressing machine. The new processing machine had alist price of $350,000, but only cost the company $260,000 afterthe trade-in. The new machine had a nine-year useful life with a$26,000 salvage value. The company paid $52,000 down and signed anote payable for the balance due.
Date Description DR CR
Please enter the following entry into a genral journal. Clearlylabel with debits and credits please.
(6) On May 1, 20x7 an old pressing machine wastraded in for a new computerized processing machine. These machineswere used on different production lines and considered asdissimilar equipment. The old pressing machine cost $157,000 whenit was purchased on May 1, 20x3 and had a useful life of 8 yearswith a salvage value of $13,000. A $90,000 trade-in allowance wasgiven for the pressing machine. The new processing machine had alist price of $350,000, but only cost the company $260,000 afterthe trade-in. The new machine had a nine-year useful life with a$26,000 salvage value. The company paid $52,000 down and signed anote payable for the balance due.
Date | Description | DR | CR |