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How much should be recorded on July

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Question - On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a historical cost of $1,000 that had accumulated depreciation of $600 after all June adjusting entries had been processed. The exchange was for a new computer having a fair value of $500. The transaction has commercial substance. Using this information, how much should be recorded on July 1 for the following accounts:

1. Accumulated Depreciation, Equipment

2. Gain or (Loss) on Sale (Enter any loss amount with $ sign inside of brackets)

3. Equipment - New

Reference no: EM132599460

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