Blair, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Blair completed the following transactions (Click the icon to view the transactions.) Read the requirement. Requirement 1. Record the transactions in Blair's journal. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest dollar.) Jan 3: Traded in equipment with accumulated depreciation of $63,000 (cost of $130,000) for similar new equipment with a cash cost of $171,000. Received a trade-in allowance of $71,000 on the old equipment and paid $100,000 in cash. Journal Entry Accounts Debit Credit Date Jan 3