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. ABC Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of XYZ Company. The following information pertains to the exchange:

	ABC	XYZ
Equipment (cost)	$63,000	$63,000
Accumulated Depreciation	42,750	22,500
Fair value of equipment	30,375	34,875
Cash given up	4,500

Required:

i. Calculate gain or loss on exchange.

it's complete I just need the answer

ation &E Calculation of Gain or Loss Santana $15,500 (2,000) Delaware $13,500 2,000 Fair value of equipment received Cash received / paid Less: Bookvalue of equipment ($28,000-19,000) ($28,000-10,000) Gain or (Loss) on Exchange (9,000) (18,000) ($2,500) $4,500