Pina Colada Corp. exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $$36,100($cost $$66,100$ less accumulated depreciation $$30,000).$ Its fair value is $$41,500,$ 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