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Question 13 (5 points) Olly Inc. traded its machine for a new machine. Two-thirds of the old machine's original cost of $375,000 had been
Question 13 (5 points) Olly Inc. traded its machine for a new machine. Two-thirds of the old machine's original cost of $375,000 had been depreciated. The new machine is valued at $ 500,000 and Olly was required to make a cash payment of $ 400,000. Instructions Fill in the blanks for the required entry to record the exchange. Note: please provide numerical answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 Machine (new).......... Accumulated depreciation....... Loss on disposal of Machine... Machine (old)... Cash........... Blank #1 Blank #2 Blank #3 Blank #4 Blank #5
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