Question 7 (3 points) A plant asset with a cost of $43,000 and accumulated depreciation of $12,000 was given together with $15,000 in exchange for a similar asset with a list price of $50,000. They could probably have bought the new asset for $47,000 if paid cash with no trade in. The trade is considered to have commercial substance. Show the entry for the trade in complete with gain or loss, if any