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Make general journal entry required to record the events

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Point 1: On January 1, 2017, Frost burg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000. Frost burg has recorded depreciation of the equipment using the straight-line method. On December 31, 2019, 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.

Question 1: Use this information to make the General Journal entries (without explanation) required to record the events for December 31, 2019.

Reference no: EM132488444

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