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Problem 3 Yankee Co has negotiated the purchase of a new equipment at a price of $7,000 plus trade in, f.o.b. factory on September 5, 2020. Yaohan paid $7,000 cash and traded in used equipment. The used equipment had originally cost $62,000; it had a book value of $42,000 and a secondhand fair value of $45,800, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,100. The equipment has useful life for 5 years with salvage value of $ 500. Company uses double declining balance method for assigning depreciation expenses. Required a. Prepare journal entry to record this transaction, assuming that the exchange has commercial substance. . b. Prepare journal entry to record depreciation expense in 2020. c. Calculate depreciation expense at the end of useful life of equipment. d. Refer to point a, prepare the journal entry to record exchange transaction, assuming the exchange lacks commercial substance