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Prepare the general journal entry to record this transaction

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Reference no: EM132876527

Problem - Wildhorse Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $11,520 plus trade-in, f.o.b. factory. Wildhorse Inc. paid $11,520 cash and traded in used equipment. The used equipment had originally cost $89,280; it had a book value of $60,480 and a second hand fair value of $68,832, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,584. Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance.

Reference no: EM132876527

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