Carlton Co. exchanged old equipment, with an original cost of $145,000, for new equipment and paid $15,000 cash in the exchange. At the time of the exchange, Carltons equipment had accumulated depreciation of $45,000. Carlton determined that the fair value of the equipment received was $140,000.

Assume that the transaction has NO commercial substance, what is the journal entry made at the time of exchange? (Your answer needs to be a journal entry of this transaction--exchange of nonmonetary assets.)