January1: Traded in old office equipment with book value of $65,000 (cost of $129,000 and accumulated) depreciation of $64,000) for new equipment. Cora also paid $85,000 in cash. Fair value of equipment is $158,000. Assume rve exchange had commercial substance. Record a single compound journal entry. y did a Company More info ook value of tance. (Rec cash. Fair value of new equipment is 515 ts and Expl Apr 1 Jan. 1 Traded in old office equipment with book value of $65,000 (cost of $129,000 and accumulated depreciation of $64,000) for new equipment Cora also paid $85.000 in cash. Fair value of new equipment is $158,000. Assume the exchange had commercial substance Sold equipment that cost $18,000 (accumulated depreciation of $8,000 through December 31 of the preceding year) Cora received $7,300 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 SO Dec 31 Recorded depreciation as follows: Office equipment is depreciated using the double-declining-balance method over four years with a $8,000 residual value. Print Done dan 1 Traded in old office equement with bock value of S6,000 (end 5129.000 and accumulated depreciation of 554.000) for new equipment Coat 35.000 in tab three suport 174.000 Assume the change had commercial substance (Record a single compound journal entry Date Accounts and Explanation Debit Credit Jan 1