During 2018, Mora Company completed the following transactions: \begin{tabular}{ll} \hline Jan. 1 & Traded in old office equipment with book value of $55,000 (cost of $127,000 and \\ accumulated depreciation of $72,000 ) for new equipment. Mora also paid $70,000 \\ in cash. Fair value of new equipment is $133,000. Assume the exchange had \\ commercial substance. \end{tabular} Requirement: Record the transactions in the journal of Mora Company