Eagle Sporting Goods, Inc. has four soccer goals that it uses for demonstrations. The goals were originally purchased for $750 each. Accumulated depreciation on the goals is $300. Eagle transacts with Talon Sporting Goods, Inc. and exchanges these four goals for one football goalpost. The fair value of each soccer goal is now $700 each. In addition to trading the four goals, Eagle pays Talon $500 in cash. Assume the exchange has commercial substance.

Required: Research the Accounting Standards Codification (ASC) regarding this non-monetary exchange. Prepare a memo regarding your opinion about this should be treated including the journal entry for Eagle to record the exchange. Support your answer with appropriate references to the ASC.