QUESTION 9 A company exchanged equipment and $5,000 cash for similar equipment. The book value and the fair value of the old equipment were $72,000 and $81,000, respectively. The exchange was deemed to have commercial substance. The Journal entry to record this exchange should include which of the following components? ho A debit to EQUIPMENT-NEW for $77,000 and a credit to GAIN ON EXCHANGE OF ASSETS of $9,000 O A debit to EQUIPMENT-NEW for $77,000 and a debit to LOSS ON EXCHANGE OF ASSETS of $9,000 O A debit to EQUPMENT-NEW for $86,000 and a credit to GAIN ON EXCHANGE OF ASSETS of $9,000 A debit to EQUIPMENT-NEW for $86,000 and no gain or loss