Homework: Homework 1 During 2016, Stora Company completed the following transactions: (Click the icon to view transactions.) Question 2, P10A-41B (similar to) Part 3 of 4 > HW Score: 12.78%, 0.38 of 3 points Points: 0.38 of 1 Save 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 table) CWOOOD Jan. 1: Traded in old office equipment with book value of $64,000 (cost of $158,000 and accumulated depreciation of 594,000) for new equipment. Stora also paid $100,000 in cash. Fair value of new equipment is $170,500. Assume the exchange had commercial substance. (Record a single compound journal entry) Date Accounts and Explanation Jan 1 Office Equipment (new) Accumulated Depreciation-Office Equipment Office Equipment (old) Cash Gain on Disposal Exchanged old office equipment and cash for new office equioment Debit Credit 170.500 94,000 158.000 100,000 6,500 Help me solve this Demodocs example Get more help Clear all Check answer