Question: Flint Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $29,900 (cost $60,600 less accumulated depreciation $30,700). Its fair value is $41,500, and cash of $7,200 is paid. Prepare the entry to record the exchange. (List all debit entries before credit entries. Credit account titles are automatically indented when amourit is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Include in your journal entry separate account entries for both the new and old equipment.) Account Titles and Explanation Debit Credit Accumulated Depreciation-Equipment 30700 Loss on Disposal of Plant Assets Equipment 60600 Equipment 41500 Cash 7200