Question: If in Exercise 8 the income tax method was used, prepare the journal entry to record the exchange. In Exercise 8, Carol Co. traded in

If in Exercise 8 the income tax method was used, prepare the journal entry to record the exchange.
In Exercise 8, 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.

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