During 2024, Lora Company completed the following transactions: i (Click the icon to view transactions.) Record the transactions in the journal of Lora 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 $55,000 (cost of $129,000 and accumulated depreciation of $74,000) for new equipment. Lora also paid $55,000 in cash. Fair value of new equipment is $116,000. Assume the exchange had commercial substance. (Record a single compound journal entry.) accounts and Explanation Date Jan. 1 Debit Credit