During 2016, Nora Company completed the folowing transaction Record the transactions in the journal of Company Racord de frences Select the explanation on the the of the urnal entry table Jan 1: Traded in aid office equipment with book value of $50.000 ( commercial substance (Records singin compoundry Accounts and Explanation Date More info Jan. 1 Traded in old office equipment with book value of $50,000 (cost of $130,000 and cuted depreciation of S.000) for new equipment Nora is 50.000 cash Fair value of new equpnent is $106,500 Assume the change had commercial substance Apr Sold equipment that cost $36,000 (ccumulated depreciation of $25,000 hugh December 31 of the preceding year). Nors received $8,000 cash from the sale of the equipment Depreciaten is computed on a straight ine base. The meth Ise year useful ife and residus value of 50 Dec 31 Recorded depreciation as flows Office equipment is depreciated using the doom deciming dance method over of new oquement is $106,500 Assume the exchange had Print Done