Apex Company purchased a computer for $3.000, dobiting Computer Equipment. During 2016 and 2017, Apex recorded total depreciation of $2,300 on the compon January 1, 2018 Apex trade in the computer for a new one, paying $2.500 cash The four market value of the new computer is $3,400. Joumalice Apex's exchange of computers Assume the change had commercial substance Let's begin by calculating the gain or loss on the exchange of computer equipment on January 1 Market value of assets received Loss Book value of asset exchanged Cash paid Gain or (Loss) 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 jourlontry table. Check your spelling out and do not abbreviate Distinguish the difference between the exchange of the fored assets by entering the account name using old or now) Accounts and Explanation Debit Date Credit Jan 1