On the first day of the fiscal year, a new walk$-$in cooler with a list price of $$58,000$ was acquired in exchange for an old cooler and $$44,000$ cash. The old cooler had a cost of $$25,000$ and accumulated depreciation of $$16,000.$ Assume the transaction has commercial substance.

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

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b$.$ Journalize the entry for the exchange. If an amount box does not require an entry, leave it blank.

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