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3 1. Our Company trades in old equipment that cost $81,000, has a book value of $53,000 and a fair value of $45,000. The new

3 1. Our Company trades in old equipment that cost $81,000, has a book value of $53,000 and a fair value of $45,000. The new equipment has a list price of $94,000. We receive a trade in allowance for the old equipment of $50,000 This transaction has commercial substance. LO 11 12 13 Prepare the journal entry to record this exchange. 14 Answer: Debits Credits 15 16 17 18

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