Prepare the journal entry to record the exchange

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Reference no: EM132184747

Question - Cheyenne Company purchased equipment on January 2, 2013, for $109,700. The equipment had an estimated useful life of 5 years with an estimated salvage value of $12,200. Cheyenne uses straight-line depreciation on all assets. On January 2, 2017, Cheyenne exchanged this equipment plus $12,000 in cash for newer equipment. The old equipment has a fair value of $49,000.

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

Reference no: EM132184747

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