What is the new equipment entry and why is it not 96,000?

Minneapolis Inc. has equipment with an original cost of $84,000 and accumulated depreciation of $48,000. This equipment was traded in for new equipment with a list price of $96,000. The new machine can be purchased without a trade-in Prepare the entry to record acquisition of the new machine under each of the following separate cases. a. The new machine is purchased for cash with no trade-in. b. The transaction has commercial substance. The old equipment is traded in, and $60,000 cash is paid. c. The same as in part b except that the transaction lacks commercial substance. a. Account Name Cr. . Dr. 84,000 X 0 Equipment Cash 0 . 96,000 x Dr. Cr. b. Account Name Equipment (new) Accumulated Depreciation Loss on Asset Exchange 0 x 0 48,000 0 0 Cash O 60,000 84,000 Equipment (old) O b. Account Name Cr. 07 Equipment (new) Accumulated Depreciation Loss on Asset Exchange Cash Equipment (old) Dr. 96,000 X 48,000 0x 0 0 0 60,000 84,000 0 Minneapolis Inc. has equipment with an original cost of $84,000 and accumulated depreciation of $48,000. This equipment was traded in for new equipment with a list price of $96,000. The new machine can be purchased without a trade-in Prepare the entry to record acquisition of the new machine under each of the following separate cases. a. The new machine is purchased for cash with no trade-in. b. The transaction has commercial substance. The old equipment is traded in, and $60,000 cash is paid. c. The same as in part b except that the transaction lacks commercial substance. a. Account Name Cr. . Dr. 84,000 X 0 Equipment Cash 0 . 96,000 x Dr. Cr. b. Account Name Equipment (new) Accumulated Depreciation Loss on Asset Exchange 0 x 0 48,000 0 0 Cash O 60,000 84,000 Equipment (old) O b. Account Name Cr. 07 Equipment (new) Accumulated Depreciation Loss on Asset Exchange Cash Equipment (old) Dr. 96,000 X 48,000 0x 0 0 0 60,000 84,000 0