Pact Bank recently traded in office fixtures. Here are the facts:

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Read the requirements.

Requirement $1.$ Record Pact Bank's trade$-$in of old fixtures for new ones. Assume the exchange had commercial Let's begin by calculating the gain or loss on the exchange of fixtures. $($Enter $"0"$ for items with a zero value.$)$

Market value of assets received

Less:

Book value of asset exchanged

Cash paid

Gain or $($Loss$)$

Old fixtures: cost $$99,000$ Accumulated depreciation $$70,000$

New fixture: cash paid $$100,000$ market value $$129,000$