During 2018, Mora Corporation completed the following transactions:
Jan. 1 Traded in old office equipment with book value of $55,000 (cost of $127,000 and accumulated depreciation of $72,000) for new equipment. Mora also paid $70,000 in cash. Fair value of new equipment is $133,000. Assume the exchange had commercial substance.
Apr. 1 Sold equipment that cost $18,000 (accumulated depreciation of $8,000 through December 31 of the preceding year). Mora received $6,100 cash from the sale of the equipment. Depreciation is computed on a straightline basis. The equipment has a five-year useful life and a residual value of $0.
Dec. 31 Recorded depreciation as follows:
Office equipment is depreciated using the double-declining-balance method over four years with a $9,000 residual value.
Record the transactions in the journal of Mora Corporation.