Mackay, Inc., had a piece of equipment that cost $42,000 and had accumulated depreciation of $25,000 Read the requirement a. Mackay discarded the equipment receiving $0. (Record debits first, then credits. Exclude explanations from all journal entries.) ectanqular Snip Journal Entry Credit Date Accounts Debit . b. Mackay sold the equipment for $18,500 cash. Journal Entry Date Accounts Debit Credit b. c. Mackay traded the equipment in on a new piece of equipment costing $45,000. Mackay was granted a $22,000 trade-in allowance for the old equipment and paid the difference in cash. Journal Entry Debit Date Accounts Credit . c. Mackay traded the equipment in on a new piece of equipment costing $45,000. Mackay was granted a $22,000 trade-in allowance for the old equipment and paid the difference in cash. Journal Entry Credit Date Accounts Debit C. d. Mackay traded the equipment in on a new piece of equipment costing $40,000. Mackay was granted a $16,500 trade-in allowance for the old equipment and signed a note payable for the difference. Journal Entry Date Accounts Debit Credit d