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Marin Company purchased equipment on January 2, 2013, for $111,700. The equipment had an estimated useful life of 5 years with an estimated salvage value of $13,000. Marin uses straight-line depreciation on all assets. On January 2, 2017, Marin exchanged this equipment plus $11,700 in cash for newer equipment. The old equipment has a fair value of $54,700. Prepare the journal entry to record the exchange on the books of Marin Company. Assume that the exchange has commercial substance

BACK Accounting, Analysis, and Principles Your answer is partially correct. Try again npment has a Marin Company purchased equipment on January 2, 2013, for $111,700. The equipment had an estimated useful life of 5 years with an estimated salvage value of $13,000. Marin uses straight-line depreciation on all assets. On January 2, 2017, Marin exchanged this equipment plus $11,700 in cash for newer equipment. The old equipment has a fair value of $54,700. al entry to record the exchange on the ocks c Marin Company, Assume that the erchange has commercial substance. (rno entry s equ ro select No Ent nt titles a d en er for the mounts. C dt prepare the ou or the o nt ties are automatically Indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanation ar. 2 Equipment Credit Debit Gain on Disposal of Equipment Cash