AM (ACCT202 Gr.03) Close $5,525 7. ABC Corporation traded-in old equipment with a new one. The original cost of the old equipment was $10,000. The accumulated depreciation of the old equipment at the time of trade-in was $8,500 On the other hand, the invoice price of the new equipment was $14,000. ABC was granted $2,000 trade-in-allowance for the old equipment and it paid the remaining amount in cash to acquire the new equipment. * The trade-in resulted in a: (3 Points) O $500 Gain O $6,500 Gain $6,500 Loss O $500 Loss 8. ABC Company's bank statement at March 31 shows a balance of $12,480, while the ledger account for cash in ABC's ledger shows a balance of $13,123 at the same date. The only reconciling items are the following: Deposit in transit. $890