During 2020, Mora Corporation completed the following transaction: 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 did not have commercial substance.

Record the transaction in the journal of Mora Corporation.