Slide 5 chapter 10: Plant Assets, Natural Resources and Intangibles Account for asset exchanges. Knowledge Check 01 On January 3, 2015. Carothers Corporation acquired $100,000 in new equipment in exchange for cash of $90,000 cash and a trade-in of old equipment. That old equipment originally cost $90,000 and had accumulated depreciation of $75,000; it had a book value of $15,000 at the time of exchange. This exchange of assets had commercial substance. The Cash account will be credited for $90,000 (That credit could not be shown below.) Complete the rest of the journal entry by selecting the account names and dollar amounts from the drop-down menus. (Note that the debits in your answer will exceed the credits by 590,000) Date Account Title Debit Credit Jan 3 select Select Select Select Select Select