Sheffield Group has negotiated the purchase of a new piece of automatic equipment at a price of HK$7.980 plus trade-intah tactory Sheffield paid HK$7.980 cash and traded in used equipment. The used equipment had originally cost HK$70 680; it had a book value of HK$47.880 and a secondhand fair value of HK$52.280, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of HK$1,220, (a) Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance account titles are automatically indented when amount is entered. Do not indent manually. Include it your journal entry entries for both the new and old equipment. If no entry is required, select "No Entry for the account titles and enter for the Debit Credit Account Titles and Explanation Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. (edit account titles are automatically indented when amount is entered. Do not indent manually. Include in your journal entry separate count entries for both the new and old equipment. If no entry is required, select "No Entry for the account ties and enter for the amount Account Titles and Explanation Debit Credit