Equipment that cost $413,900 and has accumulated depreciation of $314,400 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized s SHOW LIST OF ACCOUNTS repare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account itles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Account fitles and Explanation