Current Attempt in Progress * Your answer is incorrect Vaughn Foundries is improving the pipes in its cupola operations. The pipes will extend the useful life of its old system of piping. The old pipe system cost $1624000 and has accumulated depreciation of $1572000. It can be sold for scrap of $26000. The cost of the new system is $916000. What is the entry to record this transaction? Accumulated Depreciation Cash 916000 916000 Plant Asset (new system) 890000 Loss on Disposal of Plant Asset 26000 916000 Cash Plant Asset (new system) 916000 Accumulated Depreciation (old system) 1572000 Loss on Disposal of Plant Asset 26000 Plant Asset (old system) 1624000 Cash 890000 Plant Asset Cash eTextbook and Medla 890000 890000