Equipment costing $118,000 has accumulated depreciation of $92,000. The equipment is a trade - in for new equipment costing $187,000. If the trade - in value received for the old equipment is $30,000, the journal entry to record this transaction is to: debit Equipment (New) for $187,000, and credit Cash for $187,000. debit Equipment (New) for $187,000, debit Accumulated Depreciation - Equipment for $92,000, debit Loss on Exchange of Assets for $26,000, credit Equipment (Old) for $118,000 and credit Cash for $187,000. debit Equipment (New) for $187,000, debit Accumulated Depreciation - Equipment for $92,000, credit Equipment (Old) for $118,000, credit Cash for $157,000, and credit Gain on Exchange of Assets for $4,000. debit Equipment (New) for $187,000, debit Accumulated Depreciation - Equipment for $92,000, credit Equipment (Old) for $118,000 and credit Cash for $161,000