Account Tities and frolenation rTeathool and Median Lith Ancorots Ashbrook Inc has nepotiated the purchase of a new picce of automatic equipment at a price of $8,000 plus trade-in, fo h. factory. Ashbrook inc paid $8,000 cash and traded in used cquipment. The used equipment had originally cost 562,000 : it had a book value of $42000 and a secondhand falr value of $47,800, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,100. (a) Prepare the general journal entry to record this transaction, assuming that the cuchange has commercial substance, (Gredit account tites are outemetically indented when amount is entered, Do not indent manually if no entry is required, select "No Entry" for the. account titles and enter of for the omounts)