Advanced Network Associates Schedule of Fixed Asset Retirements Date Description Amount 1/12/2021 Exchanged 1 Deere Forklift Acquired 4/15/19: Cost 75,000 Accumulated depreciation thru 12-31-20 22,500 Book value 52,500 Exchanged for 1 new Ingersol Forklift list price 125,881 Allowance given for retired Deere Forklift 96,500 Net due 29,381 Gross receipts tax 2,019 Cash paid 31,400 Entry recorded: Machinery and Equipment 127,900 Accumulated depreciation 22,500 Machinery and Equipment Cash 75,000 31,400 Gain on exchange 44,000