Question: Your answer should take up 7 rows and 4 columns Header: date/accounts/debit/credit Question 4 (20 points) On July 1, 2016, Alpha Company purchased for $76,000,

Your answer should take up 7 rows and 4 columns

Header: date/accounts/debit/credit

Question 4 (20 points) On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $4,000. Alpha has recorded-depreciation of the equipment using the double-declining balance method. On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance. Use this information to prepare all General Journal entries (without explanation) required to record the events for December 31, 2018. General Journal: Date Accounts Debit Credit

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