C Search.. dable etestbook CURATOR fle Edt View Faverites Tooh Help "Exercise 10-20 A pment. The ent of $1,sa Chevyenne tnc, has negotiated the parchase of a new piece of automatic equipment at a price of $11,520 plus trade-in, t.eb. factory. Cheyenne Inc. pald $11,520 cash and traded in used equipment. The used equipment had originally cost ntered. Do )$89,2s0; it had a book value of $60,480 and a secondhand fair value of $68,832, as indicated by recent transactions nvolving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,584. Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. Cresdlit account tities are automatikally indented when amount is entered, Do not indent manuafly. I no ry is required select "Nontry-for the account titles and enter 0 for the amonts) Account Titles and Explanation Debit Credit Assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. Prepare the general journal entry to record this transaction. (Credit account tities are automatically indented when amount is entened. Do mot indent manualy. 2f no entry is required, select "No Entry" for the account valae nes and enter 0 for the ansounts) t titles are a Debit Credit Question Attempts: 0 of 3 used