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Question 6 (6 marks) On January 1, 2020, CCH Inc. exchanged its equipment for a delivery truck. CCH's equipment had been purchased for $95,000 3 years ago (on January 1, 2017) and has been depreciated using the straight-line method with an estimated 5 year useful life and estimated residual of $5,000. Therefore, the balance in Accumulated Depreciation on January 1, 2020 is $54,000. On January 1, 2020, the CCH's equipment fair value is $43,500 and the delivery truck's fair value is $44,500. Cash of $1,000 was also paid by CCH in the exchange. Assume this exchange has commercial substance. Required: Record the journal entry in CCH's books to record the exchange of assets on January 1, 2020. Question 7 (8 marks) I Natty Inc. sells one product, with information for June as follows: June 1 Inventory June 11 Purchase June 13 Sale June 20 Purchase June 27 Sale 100 units at $15 each 150 units at $16.75 each 120 units 160 units at $16.25 each 100 units Required: 1. Calculate Cost of Goods Sold only using the moving average method under the perpetual method. 2. Calculate Cost of Goods Sold only using the FIFO method