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Record the events for December

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Question - On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $4,000. Alpha has recorded depreciation of the equipment using the double-declining balance method. On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance. Use this information to all General Journal entries (without explanation) required to record the events for December 31, 2018. Round numbers to whole dollars.

Reference no: EM132752039

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