Homework: Homework 1 2016, Stora Com ck the icon to vie the transactions To record pa ord the sale of th Cash Loss on Diss Accumulated Equipment To record sa Question 2, P10A-41B (similar to) HW Score: 48.46 %, 1.45 of 3 Dart of d points Dainta: 1.62 af Traded in old office equipment with book value of $50,000 (cost of $121,000 and accumulated depreciation of $71,000) for new equipment. Stora also paid $80,000 in cash. Fair value of new equipment is $139,000. Assume the exchange had commercial substance. Sold equipment that cost $24,000 (accumulated depreciation of $12,000 through December 31 of the preceding year). Stora received $7,500 cash from the sale of the equipment. Depreciation is computed on a straight-line basis. The equipment has a five-year useful life and a residual value of $0. Office equipment is depreciated using the double-declining-balance method over four years with a $3,000 residual value. Print Done More info Jan. 1 Apr. 1 Dec. 31 Recorded depreciation as follows: M entry table) Save CHICK Cu to view transactions.) Record the transactions in the journal of Stora Company. (Record debits first, then credits. Select the explanation on the last line of the journal entry To record partial year depreciation on equipment. Now record the sale of the equipment on April 1. Date Accounts and Explanation Debit Credit Apr. 1 Cash Loss on Disposal Accumulated Depreciation-Equipment Equipment To record sale of equipment. Help me solve this Demodocs example Get more help. Clear all Windc Windows