Splish Group has negotiated the purchase of a new piece of automatic equipment at a price of HK$7,700 plus trade-in, f.o.b.factory. Splish paid HK$7,700 cash and traded in used equipment. The used equipment had originally cost HK$68,200; it had a book value of HK$46,200 and a secondhand fair value of HK$50,440, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of HK$1,180. (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. Do not indent manually. Include in your journal entry separate account entries for both the new and old equipment. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit