Question 8 (2 points) Joe's Art Store traded a copier in for a newer model. The old copier has a cost of $3900 and accumulated depreciation of $2000. Joe pays cash of $2400 for the new copier. The fair value of the newer copier is $7700. What is the gain or loss on the exchange? $5300 gain $5300 loss $3400 loss $3400 gain