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Prepare the journal entry to record the exchange

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Question - Metlock Company purchased equipment on January 2, 2016, for $105,700. The equipment had an estimated useful life of 5 years with an estimated salvage value of $11,600. Metlock uses straight-line depreciation on all assets. On January 2, 2020, Metlock exchanged this equipment plus $12,000 in cash for newer equipment. The old equipment has a fair value of $45,700.

Prepare the journal entry to record the exchange on the books of Metlock Company. Assume that the exchange has commercial substance.

Reference no: EM132600894

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