Answer:
The journal entry would be
New Equipment (crane) $ 122,400 Dr
Depreciation Expense (old crane) $ 68,000 Dr
Old Equipment $ 190,400 Cr
As the price of the new equipment is not given the profit or loss cannot be estimated. the whole amount less depreciation is transferred to new equipment account. if depreciation is treated separately and not set off against the equipment the entry would be under the accrual basis of accounting
New Equipment (crane) $ 122,400 Dr
Depreciation Expense (old crane) $ 68,000 Dr
Old Equipment $ 122,400 Cr
Accumulated Depreciation $ 68,000 Cr