Question 5 (12 points) On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $4,000. Alpha has recorded depreciation of the equipment using the double-declining balance method. On December 31, 2018, before making any having a fair value of $35,000. The transaction has commercial substance. Use information to prepare all General Journal entries (without explanation) required to record the events for December 31, 2018. annual adjusting entries, the equipment was exchanged for new machinery this