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Rec BE9.14 (LO 4) AP Demeter Company exchanges an industrial oven for an industrial freezer. The carry- ing amount of the industrial oven is $31,000

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Rec BE9.14 (LO 4) AP Demeter Company exchanges an industrial oven for an industrial freezer. The carry- ing amount of the industrial oven is $31,000 (cost $61,000 less accumulated depreciation $30,000). The oven's fair value is $24,000 and cash of $5,000 is paid by Demeter in the exchange. Prepare the entry to record the exchange

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