On the first day of the fiscal year, a new walk-in cooler with a list price of $50,903 was acquired in exchange for an old cooler and 543,900 cash. The old cooler had a cost of $41,000 and accumulated depreciation of $38,200, Required: Assume the transaction has commercial substance (a) Determine the gain to be recorded on the exchange (b) Journalize the entry to record the exchange Refer to the Chart of Accounts for exact wording of account des Anment/takers YouTube Maps me - Student Po... M Gmail Gain on Exchange General Journal A Instructions Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Potty Cash 610 Interest Revenue 620 Gain on Exchange Equipment 112 Accounts Receivable 114 interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense Gain on Exchange General Journal Instructions Chart of Accounts 119 Prepaid Insurance 120 Land 121 Equipment 122 Accumulated Depreciation 132 Goodwill 133 Patents 521 Advertising Expense 522 Supplies Expense 523 Delivery Expense 524 Rent Expense 525 Insurance Expense 531 Repairs and Maintenance Expense 541 Depreciation Expense 543 Depletion Expense 544 Amortization Expense-Patents 591 Miscellaneous Expense 710 Interest Expense 720 Loss on Exchange of Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable ssignment/takeAssignment Main.do invokere&takeAssignmentSessionLocator=&inprogress=false Home - Student Pol M Gmail YouTube Maps Gain on Exchange General Journal Instructions Chart of Accounts 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 544 Amortization Expense-Patents 591 Miscellaneous Expense 710 Interest Expense 720 Loss on Exchange of Equipment 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dienas 313 Income Summary o 11) Cup nment/takeAssignmen invoke orblinprogress=false be - Student Po.. M Gmail YouTube Maps Gain on change General Journal Instructions Chart of Accounts Gain on Exchange Determine the gain to be recorded on the exchange E Chp