ABC Catering purchased a computer for $3,200, debiting Computer Equipment. During 2014 and 2015, ABC Catering recorded total depreciation of $2,300…

ABC Catering purchased a computer. Please refer to the attachment for the informatino of the question. Thank yo

ABC Catering purchased a computer for $3,200, debiting Computer Equipment. During 2014 and 2015, ABC Catering recorded total depreciation of $2,300 on thecomputer. On January 1, 2015, ABC Catering traded in the computer for a new one, paying $2,800 cash. The fair market value of the new computer is $4,600.Joumalize ABC Catering’s exchange of computers. Assume the exchange had commercial substance. Let’s begin by calculating the gain or loss on the exchange of computer equipment on January 1. Market value of assets received Less: Book value of asset exchanged Cash paid I— —| Gain or (Loss) : Joumalize ABC Catering’s exchange of computers. (Record a single compoundjoumal entry. Record debits first, then credits. Select the explanation on the lastline 0! thejoumal entry table.) Accounts and Explanation Choose from any list or enter any number in the input fields and then continue to the next question. 1 e4