All the following are steps in recording a trade-in of a like-kind assets under the federal income a. remove the cost of the old asset. b. remove the accumulated depreciation for the old asset. c. record the cash payment. d. record the gain or loss on the transaction.

7. All the following are steps in recording a trade-in of a like-kind assets under the federal income a. remove the cost of the old asset. b. remove the accumulated depreciation for the old asset. c. record the cash payment. d. record the gain or loss on the transaction