Bonita Industries traded in a manual pressing machine for an automated pressing machine and gave $37500 cash. The old machine cost $460000 and had a net book value of $325000. The old machine had a fair value of $285000 Which of the following is the correct journal entry to record the exchange assuming commercial substance? Question 24 of 30 \begin{tabular}{|c|c|} \hline Equipment & 322500 \\ \hline Loss on Disposal & 40000 \\ \hline Accumulated Depreciation & 135000 \\ \hline Equipment & \\ \hline Cash & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Equipment & 632500 & \\ \hline Accumulated Depreciation & & 135000 \\ \hline Equipment: & & 460000 \\ \hline Cash & & 37500 \\ \hline Equipment & 322500 & \\ \hline Equipment & & 285000 \\ \hline Cash & & 37500 \\ \hline \end{tabular}