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journal entry. other accounts are at tye bottom (Sin LO) Question Help Freedom Bank recently traded in office fixtures. Here are the facts: (Click the

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(Sin LO) Question Help Freedom Bank recently traded in office fixtures. Here are the facts: (Click the icon to view the facts.) Read the requirements. $ 126,000 Market value of assets received Less: Book value of asset exchanged Cash paid Gain or (Loss) $ 22,000 106,000 128,000 $(2.000) Joumalize Freedom Bank's exchange of fixtures. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Let's begin by calculating the gain or loss on the exchange of fixtures. (Enter "0" for items with a zero value.) Market value of assets received $ 128,000 Less: Book value of asset exchanged $ 22,000 Cash paid 106,000 128,000 Gain or (Loss) $ Joumalize Freedom Bank's exchange of fixtures. (Record a single compound journal entry Record debits first, then credits. Select the explanation on the last line of the Journal entry table.) Date Accounts and Explanation Debit Credit Fixtures (new) 128,000 Accumulated Depreciation --Fixtures 72.000 Fixtures (old) 94,000 Cash 106,000

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