Equipment costing $118,000 has accumulated depreciation of $94,000. The equipment is a trade-in for new equipment costing $188,000. If the trade-in value received for old equipment is $30,000, the journal entry to record this transaction is to: debit Equipment (New) for $188,000, debit Accumulated Depreciation-Equipment for $94,000, debit Loss on Exchange of Assets for $24,000, credit Equipment (Old) for $118,000 and credit Cash for $188,000. debit Equipment (New) for $188,000, and credit Cash for s188,000 debit Equipment (New) or $188,000, debit Accumulated Depreciation-Equipment for $94,000, credit Equipment (Old)for $118,000, credit Cash for $158,000, and credit Gain on Exchange of Assets for $6,000. debit Equipment (New) for $188,000, debit Accumulated Depreciation-Equipment for $94,000, credit Equipment (Old)for $118,000 and credit Cash or $164,000