Yount Winery is disposing of processing equipment that cost $50,000, which has been depreciated $22,000. Kecord the journal entries for disposal of the equipment under the following assumptions. It was scrapped as having no value. Accumulated Depr Equipment 50,000 22,000 Book Value = It was sold for $31,000 cash. 3 It was sold for $18,000 cash. It was exchanged for $10,000 cash (paid) and similar "new" equipment with a fair market value of $35,000. The "new" equipment has commercial value. 4 5 It was exchanged for $10,000 cash (paid) and similar "new" equipment with a fair market value of $35,000. The "new" equipment has no commercial value. 2