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On Jan, 1, YR7, Scalia Co. trades equipment that cost $80,000 and has, as of December 31, YR6, accumulated depreciation of $63,000, in exchange for

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On Jan, 1, YR7, Scalia Co. trades equipment that cost $80,000 and has, as of December 31, YR6, accumulated depreciation of $63,000, in exchange for Kennedy Co,'s piece of similar equipment with a fair value of $42,000. In addition, Scalia receives $8,000 cash from Kennedy. The exchange lacks commercial substance. 1. Record all journal entries Scalia makes on Jan. 1, YR7

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