Instructions Chart of Accounts First Question General Journal Instructions On the first day of the fiscal year, a new walk-in cooler with a list price of $54,173 was acquired in exchange for an old cooler and $44,300 cash. The old cooler had a cost of $44,000 and accumulated depreciation of $38,600. Required: Assume the transaction has commercial substance. a. Determine the gain to be recorded on the exchange. b. Journalize the entry to record the exchange. Refer to the Chart of Accounts for exact wording of account titles.