On January 1, 2017, Frost-burg Company purchased for $68,500, equipment

having a service life of six years and an estimated residual value of $4,000. Frost-burg has recorded depreciation of the equipment using the straight-line method. On December 31, 2019, 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. How do you create a general ledger for December 31, 2019 with this information?