ASAP PLZ

Peterson Company exchanged an old equipment on December 31,2020 with extra cash of $1,000 for a new equipment. The new equipment had a market value of $15,000. The old equipment has a cost of $12,000, salvage value of $2,000, expect life is 5 years and was depreciated from January 1, 2017 to December 31, 2020.. Required: Prepare the journal entries required to record the exhange of the equipment of Peterson Company on December 31, 2020. Date Account DR CR