The following are some transactions of Oriole Company for 2021. Oriole 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, 2012, for $48,000. 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, 2019 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, 2015 at a cost of $30,400. The estimated useful life was eight years and the estimated residual value was $6.400. The fair value of the old vehicle was $8.800 on November 1, 2021