On September 1, 2018, Ontario Products Limited (OPL) purchased a piece of equipment for $60,600. In addition, OPL had to pay $5,700 provincial sales tax, $2,000 for delivery and handling, and $4,000 to properly train its employees to use the equipment. OPL uses the units of production method to depreciate equipment of this type and estimates the useful life to be 45,000 machine hours over 5 years. OPL also estimates the residual value of the equipment to be $8,000. On March 15, 2020, OPL exchanged the equipment for a more efficient machine that was owned by Emerald Corporation and that would require fewer employees to operate. As part of the exchange, OPLO had to pay Emerald $7,000 cash. The fair value of the old equipment and the fair value of the new machine on the date of the exchange was $31,000 and $25,000, respectively. Before the exchange, the old equipment had been used for 6,000 hours in 2018 and 21,000 hours in 2019. The equipment was not used at all during 2020. OPL has an August 31 year-end. Required: (Show all supporting calculations) Prepare the journal entry on the books of Ontario Products Limited on March 15, 2020 to record the exchange. Note: You may expand the JE block given below or add more JE blocks as appropriate. + March 15, 2020 Journal Entry to Exchange DR CR