Peterson Company exchanged an old equipment on December 31,2020with extra cash of $1,000 for a new equipment. The new equipment had a market value of $15,000. The old equipment has a cost of $12,000, salvage value of $2,000, expect life is 5years and was depreciated from January 1, 2017to December 31, 2020.. Required:Prepare the journal entriesrequired torecord the exhangeof the equipment of Peterson Company on December 31, 2020