7. Roberts Company is making significant improvements to some of its assets, as follows It is replacing the old furnace that cost $40,000 and has a $15,000 book value with a new furnace/air conditioner combination. Roberts spent $60,000 in cash and was given a $3,000 trade-in on the old furnace 1. 2. The delivery van is being updated with a new $7,000 engine that will increase the useful life of the van by 2 years. The van originally cost $35,000 and has accumulated depreciation of $25,000 Required Record the appropriate journal entry for replacing the furnace When recording the transaction associated with the van there is a choic a. b. et ween two methods. Provide the journal entries for each method