1. On September 30, 2011, Eklund company exchanged old delivery equipment and $24,000 for new delivery equipment. The old delivery equipment was purchased on January 1, 2008, for $84,000 and was estimated to have a $12,000 residual value at the end of its 5-year life. On August 1, 2010, the estimated residual value was revised to $5,000 and the useful life was revised to a total of 8 years or extend four more years). It is estimated that the fair value of the old delivery equipment is $36,000 on September 30, 2011. Prepare the journal entries for Eklund Company which has a calendar year end and uses the Double-Declining-Balance method of depreciation. Be sure to indicate the date on which the entries would be made