Metlock Ltd traded a used welding machine (cost $8,300, accumulated depreciation $2,810, fair value $2,370 ) for equipment with an estimated fair value of $6,240. Metlock also paid $3,120 cash in the transaction. Prepare the journal entry to record the exchange. The equipment results in different cash flows for Metlock, compared with those the welding machine produced. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. List all debit entries before credit entries.)