Apex Company purchased a computer for $2,500, debiting Computer Equipment. During 2016 and 2017. Apex recorded total depreciation of $1,900 on the computer. On January 1, 2018 Apex traded in the computer for a new one paying $2,100 cash. The fair market value of the new computer is $3,000. Journalire Apex's exchange of computers. Asume the exchange had commercial substance Let's begin by calculating the pain or low on the exchange of computer equipment on January 1 Market value of assets received Less Book value of asset exchanged Cash paid Gain or (L) Joumalize Apex's exchange of computers (Record a single compound jumal entry Record debits first, then credits Select the explanation on the last line of the journal entry table. Check your speling cartily and do not abbreviate. Distinguish the difference between the exchange of the food ass by entering the accountname using old or now) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next