Cousin's Bar-B-Q Restaurant recently remodeled its store. The remodel included obtaining all new kitchen equipment. Much of the older equipment was traded-in as partial consideration toward the purchase of the newer items. Examine each of the following exchanges, and prepare appropriate entries to reflect the trade. Each exchange was deemed to have commercial substance, except for the trade of the smoker oven.

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Cost Accumulated Depreciation Sink $10,000 $ 6,500 $ Cash Given or (Received) Fair Value of $ 5,000 New Item Cutting table 20,000 8,000 10,000 Refrigerator 12,000 10,000 15,000 20,000 Freezer 18,000 4,000 11,000 17,000 Computer 7,500 6,000 (1,000) 5,000 Fire suppressor 9,000 2,000 (2,000) 3,000 Smoker oven 12,500 2,500 13,000