Question 6 Jackpot Company Ltd traded in a production machine for an advanced machine and gave $8,000 cash. The old machine cost $93,000 and had a carrying amount of $71,000. The old machine had a fair value of $55,000. Which of the following is the correct journal entry to record the exchange? 63,000 A. Equipment Equipment Cash 55,000 8,000 B. Cash Equipment Loss on Disposal Accumulated Depreciation Equipment 8,000 55,000 16,000 22,000 101,000 C. Equipment Loss on Disposal Accumulated Depreciation Equipment Cash 63,000 16,000 22,000 93,000 8,000 D. Equipment 123,000 Accumulated Depreciation Equipment Cash 22,000 93,000 8,000