During 2016, Nora Company completed the following transactions (Click the icon to view transactions) Record the transections in the journal of Nora Company (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan 1 Traded in old office equipment with book value of $25,000 (cost of $84,000 and accumulated depreciation of $59,000) for new equipment. Nora also paid $65,000 in cash. Fair value of new equipment is $94,000. Assume the exchange had commercial substance. (Record a single compound journal entry) Date - Jan. 1 Accounts and Explanation Help me solve this Demodocs example Get more help- Debit Credit More infor Jan 1 Apr 1 Traded in old office equipment with book value of $25.000 (cost of $64,000 and accumulated depreciation of 559,000) for new equipment. Nora also paid $65,000 in cash Fair value of new equipment is $54,000 Assume the exchange had commercial substance Sold equipment that cost $60.000 (accumulated depreciation of $50.500 through of the preceding year) Nora received 55.500 cash from the sale of the uipment Depreciation is computed on a straight-line basis. The equipment has a fe year usat e and a residual value of 50 Dec 31 Recorded depreciation as follows Office equipment is depreciated using the double-dedining balance method over our a33,000 residual value Print Windows u Etkinletir Done