Exchange On May 10, 2020, Lana Company exchanged its old equipment with a new one and paid $5,000 cash. The old equipment had a cost of $45,000 with an accumulated depreciation of $38,000 and a fair market value of $5,000 at the disposal date. The net book value of the old equipment at the disposal date is $5,000 O $7,000 $8,000 O None of the options The exchange results in a Loss on disposal of $1,000 Gain on disposal of $1,000 Loss on disposal of $2.000 Gain on disposal of $2.000 The cost of the new equipment $10,000 $13,000 $15.000 None of the options The exchange entry will include a credit of * Cash $10,000 Accumulated Depreciation $38,000 O Equipment (Old) $45,000 None of the options