Flint Company purchased equipment on January 2, 2013, for $113,300. The equipment had an estimated useful life of 5 years with an estimated salvage value of $13,000. Flint uses straight-line depreciation on all assets. On January 2, 2017, Flint exchanged this equipment plus $10,900 in cash for newer equipment. The old equipment has a fair value of $46,400. Prepare the journal entry to record the exchange on the books of Flint Company. Assume that the exchange has commercial substance