Exchanging plant assets White Corporation purchased equipment for $22,000. White recorded total depreciation of $19,000 on the equipment. On January 1, 2018, White traded in the equipment for new...

Exchanging plant assets

White Corporation purchased equipment for $22,000. White recorded total depreciation of $19,000 on the equipment. On January 1, 2018, White traded in the equipment for new equipment, paying $23,230 cash. The fair market value of the new equipment is $25,100. Journalize White Corporation’s exchange of equipment. Assume the exchange had commercial substance.