P10A-35A (similar to Question Help During 2016, Mora Company completed the following transactions (Click the icon to view transactions.) Record the transactions in the joumal of Mora Company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) TOU,U Exchanged old office equipment and cash for new office equipment Apr. 1: Sold equipment that cost S48,000 (accumulated depreciation of $38,500 through December 31 of the preceding year). Mora received $5,100 cash from the sale of the equipment. Depreciation is computed on a straight-line basis. The equipment has a five-year useful life and a residual value of $0 Before we record the sale of the equipment, we must record depreciation on the equipment through April 1, 2016. iMore Info Accounts and Explanation Date Debit Credit Depreclation Expense-Equlpment 2,400 Apr. 1 2400 Accumulated Depreciation-Equipment Traded in old office equipment with book value of $55,000 (cost of $127,000 and accumulated depreciation of $72,000) for new equipment. Mora also paid $100,000 in cash. Fair value of new equipment is S160,000. Assume the exchange had commercial substance Sold equipment that cost $48,000 (accumulated depreciation of S38,500 through December 31 of the preceding year). Mora recelved $5,100 cash from the sale of the equipment. Depreciation is computed on a straight-line basis. The equipment has a five-year useful life and a residual value of $0. Jan. 1 To record partial year deprecialion on equipment. Apr. 1 Now record the sale of the equipment on April 1. Accounts and Explanation Dec. 31 Recorded depreciation as follows: Date Debit Credit Office equipment is depreciated using the double-declining-balance method over four years with a $6,000 residual value. Apr. 1 Print Done Choose from any list or enter any number in the input fields and then click Check