10 10 - 50 Test Ba So Cash.... Ma Test Bank for Intermediate Accounting, Seventeenth Edition 10 - 42 Ex. 10-135 Nonmonetary exchange. equipment with a fair value of $240,000 and $60,000 cash is received. The exchange lacked commercial substance. Equipment that cost $600,000 and has accumulated depreciation of $475,000 is exchanged for Instructions (0) Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. Show the calculation of the gain to be recognized from the exchange. (a) tnnerement AICPA PC: Prob. Solving