[in July 1. E15. Alpha company purchased for wanna. equipment having a service lite at eight years and an estimated residual value cf $5.0m. Alpha has recerded depreciatien cf the eguipment using the double-declining balance meihed. On December 31.2!118. befere making any annual adjusting entries. the equipment was exchanged for new machinery having a fair value at $32.5. The transacticn has commercial substance. Use this infcrmaticn to prepare all General Journal entries [without explanaticn} required tc reccrd the events fer December 31. 2MB