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On November 3, 2020, Gamez 2 Go Media exchanged an old computer for a new computer that had a list price of $220,000. The original cost of the old computer was $180,000 and related accumulated depreciation was $80,000 up to the date of the exchange. Gamez 2 Go Media received a trade-in allowance of $115,000 and paid the balance in cash.
Required:
Question a. Record the exchange assuming the fair values are unknown.
Question b. Assume that the fair value of the new asset was $189,000. Record the exchange. What is the dollar value that will be used to depreciate the new computer in part (b)?
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