On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $4,000. Alpha has recorded depreciation of the equipment using the double-declining balance method.On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000.The transaction has commercial substance. Use this information to prepare General Journal entries (without explanation) required to record the events for December 31, 2018.Round numbers to whole dollars.