Alaqua Co. records depreciation annually (at each fiscal year-end of Nov. 30), or earlier if an asset is disposed of. Its accounting policies include taking a full year's depreciation on equipment that is used throughout the year, and a half-year’s depreciation for equipment that is acquired or disposed of during the year. All existing equipment is depreciated over an estimated useful life of 10 years using the straight-line method and with no residual value. The following events and transactions occurred during the fiscal year ended Nov.30, 2020 (assume all amounts are material): Mar. 13 Traded in old machine vision inspection equipment purchased in February 2013 for $112,000 in exchange for a new, current-technology version with a fair value of $90,000. The new equipment was faster and more accurate than the old and would result in manufacturing cost-savings for Alaqua Co. (thus it had ‘commercial substance’). 

In addition to the trade-in, Alaqua Co. paid $46,000 to the equipment vendor, $1,500 for shipping & delivery, and $2,500 for installation & testing to make the new equipment ready for its intended use. Ignore refundable taxes. April 17 Sold a Plastic Extruder as scrap metal for $2,200. This equipment was acquired in June 2011 at a cost of $20,200 but had not been used since June 2018. May 1 Acquired an Automated Packaging Machine. The manufacturer’s invoice price was $225,000. Payment terms included a $100,000 cash down payment plus a promissory note payable to the vendor requiring two annual installments of $62,500 each, payable April 30, 2021, and 2022. The implied interest rate was 5%. The Accounting & Finance Department also applied for an Eco-Save Grant for 18% of the manufacturer’s invoice price but was uncertain whether the Grant would be awarded. Aug. 25 Received the Eco-Save Grant from the Ontario Government for the full amount applied for. 

Required: Assume Alaqua Co. had made all necessary adjusting entries accurately at the end of its 2019 fiscal year. 

prepare all journal entries to record the transactions and related activities that occurred in 2020f.