Prepare the journal entries to record the following transactions for Ogleby Company which has a calendar year end and uses the straight-line method of depreciation (a) On September 30, 2018, the company exchanged old delivery equipment and $36,000 for new delivery equipment. The old delivery equipment was purchased on January 1, 2016. for $126,000 and was estimated to have a $18,000 salvage value at the end of its 5-year life. Depreciation on the delivery equipment has been recorded through December 31, 2017. It is estimated that the fair value of the old delivery equipment is $54,000 on September 30, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit September 30, 2018 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense for the first 9 months of 2017) September 30, 2018 Equipment On September 30, 2018, the company exchanged old delivery equipment and $36,000 for new delivery equipment. The old delivery equipment was purchased on January 1, 2016, for $126,000 and was estimated to have a $18,000 salvage value at the end of its 5-year life. Depreciation on the delivery equipment has been recorded through December 31, 2017. It is estimated that the fair value of the old delivery equipment is $54,000 on September 30, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit September 30, 2018 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense for the first 9 months of 2017) September 30, 2018 Equipment Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment (To record depreciation expense for the first 9 months of 2017) September 30, 2018 Equipment Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment Cash (To record exchange of old delivery equipment for new delivery equipment at a loss) Save for Later Attempts: 0 of 1 used Submit Answer (6) The parts of this question must be completed in order. This part will be available when you complete the part above