On September 30, 2012, Eklund Company (which has a calendar year end and uses the straight line method of depreciation) exchanged old delivery equipment and $36,000 for new delivery equipment. The old delivery equipment was purchased on January 1, 2010, for $126,000 and was estimated to have a $18,000 salvage value at the end of its 5-year life. It is estimated that the fair value of the old delivery equipment is $54,000 on September 30, 2012. Instructions: Prepare the necessary journal entries on September 30, 2012.

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