Ex. 10-1 Nonmonetary exchange. upment that cost $80,000 and has accumulated depreciation of $63,000 is exchanged for similar equipment with a fair value of $35,000 and $15,000 cash is received. The exchange lacke Instructions (a) Show the calculation of the gain to be recognized from the exchange. d commercial substance. ) Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. Solution 10-1 Gain Gain Recognized (b) GENERAL JOURNAL Debit Credit Ref Account Name Date Present calculation of the amount recorded for the new equipment