Entries for Trade of Fixed Asset On July 1, Twin Pines com a water distiller, acquired new bottling equipment with a list price (fair market value) of $458,000. Twin Pines received a trade-in allowance (fair market value) of $91,000 on the old equipment of a similar type and paid cash of $367,000. The following information about the old equipment is obtained from the account in the equipment ledger: cost, $303,000; accumulated depreciation on December 31, the end of the preceding fiscal year $198,000; annual depreciation, $18,000. Assuming that the exchange has commercial substance. a. Journalize the entry to record the current depreciation of the old equipment to the date of trade-in, b. Journalize the entry to record the exchange transaction on July 1. If an amount box does not require an entry, leave it blank