Seved On January 1, 2015, Robert Inc. purchased a tractor at a cost of $1.400.000. The tractor was amortized on a straight-line basis over a 10-year useful life with no salvage value. On July 1, 2020, Robert exchanged this tractor and paid $490.000 for another tractor in a transaction that had commercial substance. The tractor had a fair value of $540,000 on the date of exchange. Depreciation on the existing tractor has been charged through June 30, 2020 Instructions: Prepare the journal entry to record the exchange. Journal entry format: Input journal entries using the sample format shown below. Date all journal entries, but omit journal entry descriptions. Do not compose sentences. Jan. 1, 2020, debit Cash $100, credit Common Stock $100