Equipment Acquired at a Cost of $126,000 Has a Book $\$ 54,000$

Essay

Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions. (a) The equipment had no market value and was discarded.
(b) The equipment is sold for $\$ 54,000$ .
(c) The equipment is sold for $\$ 24,000$ .
(d) The equipment is traded-in for a similar asset. The list price of the new equipment is $\$ 63,000$ . The buyer gave no cash in the exchange. The transaction lacks commercial substance. ​
Journal $$\begin{array} { | l | l | l | l | l | } \hline \text { Date } & \text { Description } & \begin{array} { c } \text { Post. } \\\text { Ref. }\end{array} & \text { Debit } & \text { Credit } \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline\end{array}$$