Sanderson & benit construction inc. purchased equipment with a cost of $40,000 and a salvage value of $5,000 with a life of 5 years. The equipment is now fully depreciated. if the old equipment is exchanged for new equipment at a cash price of $42,000 with no appraisal of the new equipment, the entry for this exchange would debit the new equipment for : ( no trade in allowance) a) $42,000 b)47,000 c)$40,000 d) must get an appraisal.