More info Question Jan. 1 Traded in old office equipment with book value of $20,000 (cost of $94,000 and accumulated depreciation of $74,000) for new equipment. Lora also paid $50,000 in cash. Fair value of new equipment is $73,000. Assume the exchange had commercial substance, Apr. 1 Sold equipment that cost $42,000 (accumulated depreciation of $34,000 through December 31 of the preceding year). Lora received $3,400 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 $0. Dec. 31 Recorded depreciation as follows: Office equipment is depreciated using the double-declining-balance method over four years with a $7,000 residual value. Print Done bages Get more help Clear all During 2024, Lora Corporation completed the following transactions Click the icon to view transaction) Record the transactions in the joumal of Lora Corporation. (Record dobits first, then credite Select the explanation on the contine of the fouma entry table) Jan 1: Traded in old office equipment with book value of $20.000 (out of 596.000 and accumulated depreciation of 874,000) for new equipment. Lore also paid $50,000 in cash. Far value of new equipment is $73,000. Assume the exchange had commercial substance (Record a single compound Journal entry Date Accounts and explanation Debit Credit Jan. Help me solve this Etext pages Get more help Cleara Check