Record the transactions in the journal of Lora Corporation. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Traded in old office equipment with book value of $70,000 (cost of $148,000 and accumulated depreciation of $78,000) for new equipment. Lora also paid $60,000 in cash. Fair value of new equipment is $131,000. Assume the exchange had commercial substance. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Jan. 1 * More Info Jan. 1 Traded in old office equipment with book value of $70,000 (cost of $148,000 and accumulated depreciation of $78,000) for new equipment. Lora also paid $60,000 in cash. Fair value of new equipment is $131,000. Assume the exchange had commercial substance. Apr. 1 Sold equipment that cost $30,000 (accumulated depreciation of $20,500 through December 31 of the preceding year). Lora received $6,000 cash from the sale of the equipment. Depreciation is computed on a straight-line basis. The equipment has a five-year useful life and a residual value of $0. Dec. 31 Recorded depreciation as follows: Office equipment is depreciated using the double-declining-balance method over four years with a $6,000 residual value. Print Done