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Bridgeport Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $32,000 (cost $62,300 less accumulated depreciation $30,300). Its fair value is $45,500, and cash of $7,200 is paid. Prepare the entry to record the exchange. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Include in your journal entry separate account entries for both the new and old equipment.) Account Titles and Explanation Debit Credit

Bridgeport Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $32,000 (cost $62,300 less accumulated depreciation $30,300 ). Its fair value is $45,500, and cash of $7,200 is paid. Prepare the entry to record the exchange. (List all debit entries before credit entries. Credit account tifies are automaticolly indented when amount is entered. Do not indent manualb. If no entry is required, select 'No Entry' for the occount titles and enter Ofor the amounts. Inchude in your joumal entry separate occount entries for both the new and old equipment.)

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