On April 1, a company was able to exchange an old piece of equipment for a van listed at 30,000. the equipment originally cost 31,000 and accumulated depreciation on the equipment was 11,000. the seller of the van was willing to give a trade-in allowance of 18,000 and accept the remainder in cash to complete the deal.

Required: Prepare the journal entry to record the exchange of the equipment for the van assuming the fair value of the van is unreliable. Date Account Titles and Explanation PR Debit Credit