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Question No 2: [10 Marks] A company purchased equipment valued at $66,000. It traded in old equipment for a $9,000 trade-in allowance and the company

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Question No 2: [10 Marks] A company purchased equipment valued at $66,000. It traded in old equipment for a $9,000 trade-in allowance and the company paid $57,000 cash with the trade-in. The old equipment cost $44,000 and had accumulated depreciation of $36,000. This transaction has commercial substance. What journal entry the company need to recorded for the value of the new equipment

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