1. Our Company trades in old equipment that cost $32,000, has a book value of $21,000 and a fair market value of $24,500. The new equipment has a list price of $33,000. We receive a trade in allowance for the old equipment of $29,000. This transaction has commercial substance. Prepare the journal entry to record this exchange.

1B .Our Company trades in old equipment that cost $32,000, has a book value of $21,000 and a fair market value of $19,000. The new equipment has a list price of $33,000. We receive a trade in allowance for the old equipment of $23,000. This transaction has commercial substance. Prepare the journal entry to record this exchange.

1C.Our Company trades in old equipment that cost $75,000, has a book value of $67,500 and a fair market value of $80,000. The new equipment has a list price of $85,000. We receive a trade in allowance for the old equipment of $80,000. This transaction lacks commercial substance. Prepare the journal entry to record this exchange

1D. Our Company trades in old equipment that cost $100,000, has a book value of $68,000 and a fair market value of $85,000. The new equipment has a fair value of $80,000. In addition, we receive $5,000 in cash. This transaction lacks commercial substance. Prepare the journal entry to record this exchange.