During 2018, Cora Corporation completed the following transactions:

Jan 1: Traded in old office equipment with book value of $50,000 ( cost of $124,000 and accumulated depreciation of $74,000) for new equipment. Cora also paid $50,000 in cash. Fair value of new equipment is $109,000. Assume the exchange had commercial substance. (Record a single compund journal entry)

Apr. 1: Sold equipment that cost $30,000 ( accumulated depreciation of $19,000 through Dec. 31 of the preceding year). Cora recieved $7500 cash from the sale of the equipment, Depreciation is computed on a straight-line basis. The equipment has a five-year useful life and a residual value of $0.

i More Info Traded in old office equipment with book value of $50,000 (cost of $124,000 and accumulated depreciation of $74,000) for new equipment. Cora also paid $50,000 in cash. Fair value of new equipment is $109,000. Assume the exchange had commercial substance. Sold equipment that cost $30,000 (accumulated depreciation of $19,000 through December 31 of the preceding year). Cora received $7,500 cash from the sale of the equipment. Depreciation is computed on a straight-line basis. The equipment has a five-year useful life and a residual value of $0 Jan. 1 Apr. 1 Dec. 31 Recorded depreciation as follows: Office equipment is depreciated using the double-declining-balance method over four years with a $2,000 residual value