record transaction

1. On December 31, G³ exchanged shelving and other display items with an original cost of $87,000 and accumulated depreciation of $65,000 for 5 clown statues and $10,000 in cash. These statues are to be placed outside the building to help attract customers. These statues have a fair market value of $15,000. It is estimated that the clown statues will generate higher cash flows than the shelving and other display items.