question 14

please answer with correct descriptions. thank you!

Machinery acquired at a cost of s80,000 and on which there is accumulated depreciation of $55,000 (ncludng depreciation for the current year to dale) is exchanged for simtar machinery. Aesume that the transaction has commercial substance. For financial reporting purposes, present entries to recerd the exchange of the machinery under each of the folowing assumpbions a. Price of new, $120,000; trade-in aowance on oid, s4,000; belance paid in cash. If an amount box does net require an entry, leave it biank Price of new, $120.000; trade allowance on old, $34,000; balance paid in cash If an amount box does not require an entry, ave it blank Caicuao Machinery acquired at a cost of $80,000 and on which there is accumulated depreciation of $55,000 (including depreciation for the current year to dat financial reporting purposes, present entries to record the exchange of the machinery under each of the following assumptions: a. Price of new, $120,000; trade-in allowance on old, $4,000; balance paid in cash. If an amount box does not require an entry, leave it blank. Accounts Payable Accumulated Depreciation-Machinery Cash Depreciation Expense-Machinery de-in allowance on old, $34,000; balance paid in cash. If an amount box does not require an entry, leave it blank. Gain on Disposal of Fixed Assets b. Price of new, $120,000; trade-in allowance on old, $34,000; balance paid in cash. If an amount box does not require an entry, leave it blank. Accumulated Depreciation-Machinery Cash Depreciation Expense Gain on Disposal of Fixed Assets Loss on Disposal of Fixed Assets