6. P&C Printing Company traded in its old press for a new one priced at $18,000, receiving...
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6. P&C Printing Company traded in its old press for a new one priced at $18,000, receiving a trade-in allowance of $1,500 and paying the balance in cash. The old press cost $12.500 and had accumulated depreciation of $11.800.
(a) What is the entry to record the acquisition of the new machine?
(b) What entry would be needed if the trade-in had been only $500?
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Related Book For 
Schaums Outline Of Principles Of Accounting I
ISBN: 978-0070381490
5th Edition
Authors: Joel Lerner ,James Cashin
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