24. Waterway Industries traded in a manual pressing machine for an automated pressing machine and paid $40,500 cash. The old machine cost $466,000 and had accumulated depreciation of $135,000 up to that date and had a net book value of $331,000. The old machine had a fair value of $295,000. Which of the following is the correct journal entry to record the exchange assuming a lack of commercial substance? Cash Equipment (new) Loss on Disposal Accum. Deprec. (old) 40,500 295,000 36,000 135,000 Equipment (new) 506,500 335,500 36,000 135,000 B. Equipment (new) Loss on Disposal Accum. Deprec. (old) Equipment (new) Cash 466,000 40,500 C.Equipment (new) 641,500 Accum. Deprec. (old) Equipment (old) 135,000 466,000 40,500 as