Rent the Runway rents custom jewelry in Hollywood. On December 31 of the previous year, they purchased a one of a kind ring which had a list price of $10,000. This ring was unique and had no fair value. The seller accepted an exchange of another piece of jewelry that originally cost $16,000 and has accumulated depreciation of $10,000 to the date of exchange. Rent the runway was given a $8,000 trade in value for the old piece of jewelry and paid the remainder in cash.

Record the asset exchange below: