On the first day of the fiscal year, a new walk$-$in cooler with a list price of $$52,600$ was acquired in exchange for an old cooler and $$44,300$ cash. The old cooler had a cost of $$43,000$ and accumulated depreciation of $$39,000.$ Assume the transaction has commercial substance.

a$.$ Determine the gain to be recorded on the exchange. $

b$.$ Journalize the entry for the exchange.