On May 1, 2020, company purchased some new office furniture (equipment) by exchanging an old computer (equipment) and PAID $500 in cash). This transaction has commercial substance. The computer cost $8,000 but had a book value of $6,000 and a market value of $6,400 on the date of the exchange. The furniture has a cash price of $6,600, an estimated life of 8 years, and an estimated salvage value of $500. Your company uses sum of the years' digits method of depreciation. Record the purchase on May 1 and the depreciation on December 31

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