Making a CD

[james turner]

I am wondering if someone on this List would explain something to me
about producing a CD.  
When they take an old LP record (lets say of George Wright in the
l950's) and record this old record onto a CD today, what exactly do they
do?  How do they take an old record and clean it up for a modern CD?
How much would something like this cost to do?

Thanks,

Jim Turner