Whispering Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $9,760 plus trade-in, f.o.b. factory. Whispering Inc. paid $9,760 cash and traded in used equipment. The used equipment had originally cost $75,640; it had a book value of $51,240 and a secondhand fair value of $58,316, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,342. (a) Your answer is partially correct. Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Equipment Accumulated Depreciation - Equipment Gain on Disposal of Equipment Equipment Cash Debit 24400 Credit 48556 11102 SUPPORT