please solve in excel and provide formula

Exercise 135 Equipment that cost $399,500 and has accumulated depreciation of $321,100 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized 24320 SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit Accumulated Depreciation-Equipment 321100 Equipment 62720 Cash 40000 Equipment 399500 Gain on Disposal of Equipment 24320 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Question Attempts: 0 of 1 used