Novak Foundries is replacing the pipes in its cupola operations. The pipes will be a quality improvement over the old system of piping.The old pipe system cost $$1641000$ and has accumulated depreciation of $$1582000.$ It can be sold for scrap of $$29500.$ The cost of the new system is $$3022000.$ What is the entry to record this transaction?Plant Asset $($new system$)$Accumulated Depreciation $($old system$)$Loss on Disposal of Plant AssetPlant Asset $($old system$)$CashAccumulated Depreciation$1582000$Maintenance Expense$3022000$Plant AssetCashPlant Asset $($new system$)$Loss on Disposal of Plant AssetCashPlant Asset$2992500$Cash$3022000158200029500164100029925001641000302200029925002950030220002992500$

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Based on the given information the entry to record this transaction would be as follows Debit Plant ... View the full answer