Marin Ltd$.$ traded a used welding machine $($cost $$11,900,$ accumulated depreciation $$3,270,$ fair value $$3,040)$ for equipment with an estimated fair value of $$11,180.$

Marin also paid $$5,590$ cash in the transaction.

Prepare the journal entry to record the exchange. The equipment results in different cash flows for Marin, compared with those the welding machine produced.

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$

for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit