patent 6. The Johnson Company traded its old equipment for new equipment. The new equipment has a fair value of $13,000. The old equipment had an original cost of $12,400 and a book value of $6,000 at the time of the trade, Johnson also paid cash of $10,000 as part of the trade. The exchange has commerclal substance. Required: Prepare journal entries to record each of the above transactions. Complete this question by entering your answers in the tabs below. Prepare journal entry to record the above transaction 6. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account fieid. Journal entry worksheet equipment has a fair value of $13,000. The old equipment had an original cogt of $12,400 and a book value of 56,000 at the time of the trade. Johnson also paid cash of $10,000 an part of the trade. The exchange has commerdial tubstance. Notei Emter debits before credts