Journal entry worksheet On January 3. Carothers Corporation acquired $100,000 in new equipment in exchange for cash of $90,000 cash and a trade-in of old equipment. That old equipment originally cost $90,000 and had accumulated depreciation of $75,000; it had a book value of $15,000 at the time of exchange. Note: Enter debits before credits. before credits Date General Journal Jan. 3 Debit Credit Record entry Clear entry View general journal