Pronghorn Corporation traded a used truck (cost $26,800, accumulated depreciation $24,120) for a small computer with a fair value of $4,422. Pronghorn also paid $670 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Accumulated Depreciation-Trucks Trucks Cash Equipment that cost $391,200 and has accumulated depreciation of $317,500 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. (a) Your answer is correct. Calculate the gain to be recognized from the exchange. Gain recognized $ 25260 eTextbook and Media List of Accounts Attempts: 1 of 10 used (b) 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 Debit Credit