On the first day of the fiscal year a new walk-in cooler

Reference no: EM13582840

On the first day of the fiscal year, a new walk-in cooler with a list price of $58,000 was acquired in exchange for an old cooler and $44,000 cash. The old cooler had a cost of $25,000 and accumulated depreciation of $16,000.Assume the transaction has commercial substance.

a) Determine the gain to be recorded on the exchange.

b) Journalize the entry to record the exchange.

Reference no: EM13582840

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