Pharoah Inc. and Sheridan Co$.$ have an exchange with commercial substance. The asset given up by Pharoah has a book value of

$$76000$ and a fair value of $$95000.$ The asset given up by Sheridan has a book value of $$129000$ and a fair value of $$124000.$ Boot

of $$29000$ is received by Sheridan.

Sheridan's entry to record the exchange will include

a debit to Loss on Disposal for $$1261.$

a debit to Cash for $$29000.$

a credit to Equipment for $$129000.$

a credit to Gain on Disposal for $$1261.$