Assume in Exercise 9 the trade-in value was $10,000. Prepare a journal entry to record the exchange.

Question:

Assume in Exercise 9 the trade-in value was $10,000. Prepare a journal entry to record the exchange.
In Exercise 9
Lee Co. traded in an old machine costing $20,000 for a new machine for a cash price of $19,000 with a trade-in allowance of $6,000. Accumulated Amortization on the old machine was $11,000.
a. What is the book value of the old machine? What is the loss?
b. Provide a journal entry to record the exchange.