Homework: Ch 10 Homework B - Graded Question 9, EF10A-28 (similar to) Part 1 of 4 Family Bank recently traded in office fixtures. Here are the facts: (Click the icon to view the facts.) Read the requirements. GL Requirement 1. Record Family Bank's trade-in of old fixtures for new ones. Assume the exchange had commercial substance. Let's begin by calculating the gain or loss on the exchange of fixtures. (Enter "0" for items with a zero value.) Market value of assets received Less: Book value of asset exchanged Cash paid Gain or (Loss) New fixtures: Cash paid, $100,000 Market value, $131,000 Done Data table Old fixtures: Cost, $97,000 Accumulated depreciation, $66,000 Print X HW Score: 31.65%, 12.66 of 40 points O Points: 0 of 6 Requirements 1. Record Family Bank's trade-in of old fixtures for new ones. Assume the exchange had commercial substance. 2. Now let's change one fact. Family Bank feels compelled to do business with Elm Furniture, a bank customer, even though the bank can get the fixtures elsewhere at a better price. Family Bank is aware that the new fixtures' market value is only $125,000. Record the trade-in. Assume the exchange had commercial substance. Print Done > X Save