Partner Bank recently traded in office fixtures. Here are the facts: (Click the icon to view the facts.) i Data Table Read the requirements Journalize Partner Bank's exchange of fixtures. (Record a single compound journal entry. Record debits first, then credits. Select the explana Date Accounts and Explanation Debit Credit Fixtures (new) 123,000 Accumulated Depreciation-Fixtures 74,000 Fixtures (old) 93.000 Cash 104.000 Old fixtures: New fixtures: Cost, 593,000 Accumulated depreciation, $74,000 Cash paid. $104,000 Market value, $123,000 Print Done Exchanged old fixtures and cash for new fixtures. Requirement 2. Now let's change one fact. Partner Bank feels compelled to do business with Solid Oak Furniture, a bank customer, even though the bank can get the fixtures elsewhere at a better price. Partner Bank is aware that the new fixtures' market value is only $117,000. Record the trade-in. Assume the exchange had commercial substance. Let's begin by calculating the gain or loss on the exchange of fixtures. (Enter a loss with a minus sign or parentheses.) 117000 Market value of assets received Less: Book value of asset exchanged 19000 10400 123000 Cash paid Gain or (Loss) (8000)