Exchanged a display case put in service on 1 April, 2 years prior (original cost $21000, $0 salvage value) for a new display case, list price $25000; terms FOB, destination. The trade-in allowance was $18000 and the balance due of $7000 was paid in cash. Freight costs are $65 and insurance in transit was $45. Display cases are classified as Store and Office Equipment. The estimated useful life of both old and new cases is 10 years. Record this transaction in the GJ. Hint: the cost of the new equipment is $25000.