The following are some transactions of Blossom Company for 2024. Blossom Company uses straight-line depreciation and has a December 31 year end. Apr. 1 Retired a piece of equipment that was purchased on January 1,2015, for $46,000. The equipment had an expected useful life of 10 years with no residual value. July 30 Sold equipment for $1,700 cash. The equipment was purchased on January 3,2022 , for $13,680 and was depreciated over an expected useful life of three years with no residual value. Nov. 1 Traded in an old vehicle for a new vehicle, receiving a $10,000 trade-in allowance and paying $36,000 cash. The old vehicle had been purchased on November 1, 2018, at a cost of $34,400. The estimated useful life was cight years and the estimated residual value was $6,800. The fair value of the old vehicle was $9,100 on November 1,2024