Assist Bank recently traded in office fixtures. Here are the facts: (Click the icon to view the facts.) Read the requirements Accumulated Depreciation-Fixtures Cash Fixtures (old) Market value of assets received Less Book value of asset exchanged Cash paid Gain or (Loss) $ 20,000 104,000 $ 120,000 75,000 124,000 $ (4,000) 104,00 95,00 Exchanged old fixtures and cash for new fixtures. Requirement 2. Now let's change one fact. Assist Bank feels compelled to do business with Pondside Furniture, a bank customer, even though the bank can get the fixtures elsewhere at a better price. Assi aware that the new fixtures' market value is only $120,000. Record the trade-in. Assume the exchange had commercial substance. Let's begin by calculating the gain or loss on the exchange of fixtures. (Enter a loss with a minus sign or parentheses.) Data table Old fixtures: Cost, $95,000 Accumulated depreciation, $75,000 Print New fixtures: Cash paid, $104,000 Market value, $124,000 Done Journalize Assist Bank's exchange of fixtures. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

Plead the requarements Lets begn by carcutating the gain or lass on the exchange of folures- (Enter a loss with a minus sign or parenthetes) Plead the requarements Lets begn by carcutating the gain or lass on the exchange of folures- (Enter a loss with a minus sign or parenthetes)