Hello,

I would like to get the solution and the answer of this question. I am in a hurry, so quick response will be appreciated. Thank you.

On January 1, 2011, a machine was purchased for $12,000. On January 1, 2013, the machine had a carrying amount of $9,700 and was then exchanged for computer equipment with a fair value of $10,000. Assuming that the exchange had commercial substance, prepare the entry to record the exchange of the machine for the computer