Question 7 of 10 This quiz: 10 point(s) possible This question: 1 point(s) possible Submit quiz Brown's Salvage purchased a computer for $2,900, debiting Computer Equipment. During 2022 and 2023, Brown's Salvage recorded total depreciation of $2,100 on the computer. On January 1, 2024, Brown's Salvage traded in the computer for a new one, paying $2,500 cash. The fair market value of the new computer is $4,300. Journalize Brown's Salvage's exchange of computers. Assume the exchange had commercial substance. Let's begin by calculating the gain or loss on the exchange of computer equipment on January 1. Market value of assets received Less: Book value of asset exchanged Cash paid Gain or (Loss) Journalize Brown's Salvage's exchange of computers. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jan 1