Current Attempt in Progress Kingbird, Inc. exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $35,200 (cost $65,200 less accumulated depreciation $30,000). Its fair value is $38,500, and cash of $7,300 is paid. Prepare the entry to record the exchange. (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.)