7A. CD Warehouse purchased equipment for $22,000. CD recorded total depreciation of $13,000 on the equipment. Assume that CD exchanged the old equipment for new equipment, paying $5,200 cash. The fair market value of the new equipment is $13,600. Journalize CD'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 received Less: Book value of asset exchanged Cash paid Gain or (Loss)