A company owns equipment that had cost $ $45,200$ and has accumulated depreciation of $ $19,800.$ The company exchanges the equipment for a newer model that has a market value of $ $54,000.$ Required : $1.$ Record the exchange assuming the company paid $ $31,400$ cash and the exchange has commercial substance $.2.$ Record the exchange assuming the company paid $ $23,400$ cash and the exchange has commercial substance $.$A company owns equipment that had cost $$45,200$ and has accumulated depreciation of $$19,800.$ The company exchange equipment for a newer model that has a market value of $$54,000.$

Required:

Record the exchange assuming the company paid $$31,400$ cash and the exchange has commercial substance.

Record the exchange assuming the company paid $$23,400$ cash and the exchange has commercial substance.

Journal entry worksheet

A

B

Record the exchange assuming the company paid $$31,400$ cash and the exchange has commercial substance.

Note: Enter debits before credits.