Swifty Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $8,480 plus trade-in, fo,b. factory. Swifty Inc, paid $8,480 cash and traded in used equipment. The used equipment had originally cost $65,720; it had a book value of $44,520 and a secondhand fair value of $50,668, as indicated by recent transactions imolving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,166. (a) Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. (Credit account titles are outomotically indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit