Accounting Question - Journalize Help?

• vibration analysis equipment
• foreign transaction fee
• accumulated earnings tax

On October 1, Sebastian Company acquired new equipment with a fair market value of $458,000. Sebastian received a trade-in allowance of $92,000 on the old equipment of a similar type and paid cash of $366,000. The following information about the old equipment is obtained from the account in the equipment ledger: Cost, $336,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $220,000; annual depreciation, $20,000.



Assuming the exchange has commercial substance, journalize the entries to record:


a. The current depreciation of the old equipment to the date of trade-in.


b. The exchange transaction on October 1. For a compound transaction, if an amount box does not require an entry, leave it blank.

Accounting Question - Journalize Help?