Oriole Company exchanges an industrial oven for an industrial freezer. The carrying amount of the industrial oven is $32,500 (cost $68,500 less accumulated depreciation $36,000). The oven's fair value is $21,600 and cash of $6,000 is paid by Oriole in the exchange. Prepare the entry to record the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 7 (To record exchange of equipment)