Carol Co. traded in an old machine costing $22,000 for a new machine for a cash price

Question:

Carol Co. traded in an old machine costing $22,000 for a new machine for a cash price of $18,000 with a trade-in allowance of $7,000. Accumulated Depreciation on the old machine was $14,000.
a. What is the book value of the old machine? What is the loss?
b. Provide a journal entry to record the exchange.