On November 3, 2020, Gamez 2 Go Media exchanged an old computer for a new computer that had a list price of $226,000. The original cost of the old computer was $186,000 and related accumulated depreciation was $83,000 up to the date of the exchange. Gamez 2 Go Media received a trade-in allowance of $118,000 and paid the balance in cash. Required: a. Record the exchange assuming the fair values are unknown. View transaction let View journal entry worksheet No Date General Journal Debit Credit November 03, 1 Computer (new) 205,000 2020 Accumulated depreciation, computer (old) Computer (old) 80,000 180,000 Cash 105,000 b. Assume that the fair value of the new asset was $192,000. Record the exchange. View transaction let View journal entry worksheet No Date November 03, General Journal 1 2020 Computer (new) Accumulated depreciation, computer (old) Loss on disposal Computer (old) Cash Debit Credit