On January 3, Carothers Corporation acquired $100,000 in new equipment in exchange for cash of $90,000 cash and a trade-in of old equipment. That old equipment originally cost $90,000 and had accumulated depreciation of $75,000; it had a book value of $15,000 at the time of exchange. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

On January 3, Carothers Corporation acquired $100,000 in new equipment in exchange for cash of $90,000 cash and a trade-in of old equipment. That old equipment originally cost $90,000 and had accumulated depreciation of $75,000; it had a book value of $15,000 at the time of exchange. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. On January 3, Carothers Corporation acquired $100,000 in new equipment in exchange for cash of $90,000 cash and a trade-in of old equipment. That old equipment originally cost $90,000 and had accumulated depreciation of $75,000; it had a book value of $15,000 at the time of exchange. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns