XVIIL On 01 February 2018, Hoopty Vehicles, Inc., sells a van with a warranty for $25,000 that would cover any parts. Past experience reveals that warranty expenses average 5.00% of a car's selling price. Record the recognition of Hoopty Vehicle's obligation. XIX. On 12 July 2018, the purchaser of the van returns the van for repairs. The parts under warranty cost $1,200. Record the warranty for parts. Cheeks Inc. acquires $72,300 in new equipment. In exchange, the company pays SS21,000 cash and trades in old equipment. The old equipment originally costs $39.000 and has accumulated depreciation of $17,000. This exchange has commercial substance. Record this transaction