3.On January 1, 2018, Karen Company traded an old equipment for a new model. Data before the trade-in are as follows: Old Equipment: Cost Accumulated Depreciation Average published retail value New Equipment: List Price Cash price w/o trade in Cash price w/ trade in Php 350,000 120,000 60,000 400,000 340,000 270,000 Required: Based on the above facts, answer the following: 1. How much is the cost of the equipment to be recognized by Karen Company? 2. How much is the gain (loss) on trade in to be recognize by Karen Company