Micron h recision purchased equipment tor i28 000 Micron recorded total depreciation of 326 00 0n the equi ment. Assume trat Micron exchanged the old equipment tor new equipment paying S3,500 cash. I ne ter market value ot the new equipment is 4.800 Joumalize Micron's exchange of equipment. Assume this exchange has c Let's begin by calculating the gain or loss on the exchanga of equipment. (Enter a loss with a minus sign or parenthases) Market value of assets received Less Book value of asset exchanged Cash paid Galn or (Loss) Joumalize Micron's exchange of equipment. (Record a single compound jourmall entry Record debits first then credihs. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit