On September 12, Sarasota Company agreed to an exchange of assets with another company. Sarasota gave up a machine with an original cost of $50,000. $31,000 in accumulated depreciation had been recorded on this machine over the course of Sarasota's ownership. Sarasota determined that the machine being given up had a fair value of $18,200. Sarasota also paid $8,000 in cash. Assume that Sarasota follows IFRS and that the transaction has commercial substance. Prepare the journal entry to record the asset exchange on Sarasota's books. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Sept. 12 26200 31000