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On July 1, Twin Pines Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $362,000. Twin Pines received a trade-in allowance (fair market value) of $72,400 on the old equipment of a similar type and paid cash of $289,600. The following information about the old equipment is obtained from the account in the equipment ledger: cost, $242,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $158,400; annual depreciation, $14,400. Assuming that the exchange has commercial substance.
Problem a. Journalize the entry to record the current depreciation of the old equipment to the date of trade-in.
Problem b. Journalize the entry to record the exchange transaction on July 1. If an amount box does not require an entry, leave it blank
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