Pina Colada Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $42,500 (cost $72,500 less accumulated depreciation $30,000). Its fair value is $51,500, and cash of $6,700 is paid. Prepare the entry to record the exchange. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

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