Metlock Ltd. traded a used welding machine (cost $8,300, accumulated depreciation $2,810, fair value $2,370) for office 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 account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Accumulated Depreciation - Machinery 2,810 X Loss on Disposal of Machinery 7,990 Equipment 620 Cash 3,120 Machinery 8,300