During 2016, Stora Company completed the following transactions (Click the icon to view transactions.) Record the transactions in the journal of Stora Company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) GE Jan 1: Traded in old office equipment with book value of $64.000 (cost of $158,000 and accumulated depreciation of 594,000) for new equipment Stora also paid $100,000 in cash. Fair value of new equipment is $170,500. Assume the exchange had commercial substance. (Record a single compound journal entry) Date Accounts and Explanation Debit Credit Jan 1 Office Equipment (new) 170,500 Accumulated Depreciation - Office Equipment 94,000 Office Equipment (old) 158,000 Cash 100,000 Gain on Disposal 6,500 Exchanced old office equiment and cash for new office ocuiomont Help me solve this Demodocs example Get more help Clear all Check answer Part 2014 Points: 0 37 of 1 Save ti During 2016, Stora Company completed the following transactions: i (Click the icon to view transactions) Record the transactions in the journal of Stora Company (Record debits first, then credits. Select the explanation on the last line of the journal entry table) GED Apr 1 Sold equipment that cost $12,000 (accumulated depreciation of $6,000 through December 31 of the preceding year). Stora received $2.400 cash from the sale of the equipment. Depreciation is computed on a straight-line basis. The equipment has a five year useful life and a residual value of 50 Before we record the sale of the equipment, we must record depreciation on the equipment through April 1, 2016 Date Accounts and Explanation Debit Credit Apr 1 7 Clear all Check answer Get more help Help me solve this Demodocs example