Question: Plz answer quick question Question 12 of 12 1 points In an exchange with commercial substance, Alpha Co. traded equipment with a cost of $7,700,000

Plz answer quick question
Question 12 of 12 1 points In an exchange with commercial substance, Alpha Co. traded equipment with a cost of $7,700,000 and book value of $2,500,000 and gave $4,420,000 cash. The old machine had a fair value of $2,170,000. Which of the following journal entries would Alpha Co. make to record the exchange? OA. Equipment Accumulated Depreciation. 6,590,000 5,530,000 Equipment 12,120,000 Equipment Accumulated Depreciation. Equipment -7,700,000 4,420,000 Cash Loss on Disposal. Accumulated Depreciation. 7,700,000 4,420,000 2,500,000 4.420 000 B. OC. Equipment OD. Equipment Equipment Cash Equipment Cash 6,590,000 5,530,000 6,590,000 330,000 5,200,000 6,920,000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
