Sage Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $9,600 plus trade-in, f.o.b.factory. Sage Inc. paid $9,600 cash and traded in used equipment. The used equipment had originally cost $74,400; it had a book value of $50,400 and a secondhand fair value of $57,360, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,320. (a) Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. (Credit account titles are automatically indented when amount is entered