Champion Industries exchanged a dust-scrubbing piece of equipment for another version of the same type of equipment and received $12,000 cash. The old dust scrubber cost $76,200 and had a book value of $54,500. The new dust scrubber had a folt value of $58,500 Required: Prepare the journal entry to record the exchange Assume the exchange hos commercial substance. Of no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet > Record the exchange of a dust-scrubbing piece of equipment for another version of the same type of equipment and received $12,000 cash. The old dust scrubber cost $76,200 and had a book value of $54,500. The new dust scrubber had a fair value of $58,500. Note: Enter debits before credits Debit Credit General Journal Transaction 1 View general Journal Clear entry Record entry