Grouper Inc has negotiated the purchase of a new piece of automatic equpment at a price of $11.200 plus trade in tab. factory Grouper Inc paid $11.200 cash and traded in uned equipment. The used equipment had originally cost $86,800, it had a book value of $58,800 and a secondhand fair value of $64.920, as indicated by recent transactions involving similar equipment. Freight and Installation charges for the new equipment required a cash payment of $1.540 (a) Prepare the general journal entry to record this transaction assurning that the exchange has commercial substance (Oedit account titles are automatkally indented when amount is entered. Do not indent manual no entry required select "No Entry* for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit