7A. ABC Catering, purchased equipment for $20,000 ABC recorded total depreciation of $11,000 on the equipment. Assume that ABC exchanged the old equipment for new equipment, paying $1,500 cash. The fair market value of the new equipment is $9,800 Journalize ABC's exchange of equipment. Assume this exchange has commercial substance. Let's begin by calculating the gain or loss on the exchange of equipment (Enter a loss with a minus sign or parentheses) Market value of assets rece Less Book value of asset exchanged Cash paid Gain or (Loss) Journalize ABC's exchange of equipment. (Record a single compound joumal entry. Record debits first, then credits Select the explanation on the last line of journal entry table) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. ? Save for Later 7A. ABC Catering, purchased equipment for $20,000. ABC recorded total depreciation of $11,000 on the equipment. Assume that AB old equipment for new equipment, paying $1,500 cash. The fair market value of the new equipment is $9,800. Journalize ABC's excha equipment. Assume this exchange has commercial substance. Cash paid Gain or (Loss) Jounalize ABC's exchange of equipment (Record a single compound journal entry. Record debits first, then credits. Select the explana last Ine of the journal entry table.) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later