Part 2 of 4 points Points: 0.37 of 1 Save During 2016, Stora Company completed the following transactions (Click the icon to view transactions) Record the transactions in the journal of Stora Company (Record debits first, then credits Select the explanation olthe last line of the journal entry table.) Jan 1 Traded in old office equipment with book value of $64,000 (cost of S158,000 and accumulated depreciation of $94,000) for new equipment Stora also paid $100,000 in cash. Fair value of new equipment is $170,500. Assume the exchange had commercial substance (Record a single compound journal entry) Date Accounts and Explanation Debit Credit Jan 1 Office Equipment (new) 170,500 Accumulated Depreciation - Office Equipment 94,000 Office Equipment (old) 158 000 Cash 100.000 Gain on Disposal 6,500 Exchanood old office coulomant and cash for now office couiment Demodocs example Help me solve this Get more help Clear all Check answer Apr. 1: Sold equipment that cost $12.000 (accumulated depreciation of $6,000 through December 31 of the preceding year). Stora received $2.400 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 50 Before we record the sale of the equipment, we must record depreciation on the equiposent through April 1 2016 Date Accounts and Explanation Debit Credit Apr 1 Clear all Check answer Get more help Help me solve this Demodocs example n10 IB (similar in 10/11