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Determine the gain to be recorded on the exchange

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Reference no: EM133033561

Question - On the first day of the fiscal year, a new walk-in cooler with a list price of $48,500 was acquired in exchange for an old cooler and $40,500 cash. The old cooler had a cost of $41,000 and accumulated depreciation of $37,000. Assume the transaction has commercial substance.

Required -

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

b. Journalize the entry for the exchange. If an amount box does not require an entry, leave it blank.

Reference no: EM133033561

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