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Prepare the journal entry to record the exchange on books

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Question - Pina Company purchased equipment on January 2, 2016, for $121,300. The equipment had an estimated useful life of 5 years with an estimated salvage value of $12,800. Pina uses straight-line depreciation on all assets. On January 2, 2020, Pina exchanged this equipment plus $12,200 in cash for newer equipment. The old equipment has a fair value of $50,400.

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

Reference no: EM132532216

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