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Record the exchange assuming the fair values are unknown

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Question - Exchanging PPE - On November 3, 2020, Gamez 2 Go Media exchanged an old computer for a new computer that had a list price of $194,000. The original cost of the old computer was $154,000 and related accumulated depreciation was $67,000 up to the date of the exchange. Gamez 2 Go Media received a trade-In allowance of $102,000 and paid the balance in cash.

Required - Record the exchange assuming the fair values are unknown.

Reference no: EM133132181

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