Non$-$Monetary Exchange $(8$ marks$)$

Urban Developers LLC exchanged a large warehouse $($fair value of $$1,700,000$; original cost of $$2,800,000$; accumulated depreciation of $$1,500,000)$ for a warehouse that belonged to Metro Construction Co$..$ The warehouse from Metro Construction has a fair value of $$1,800,000,$ original cost of $$3,000,000,$ and accumulated depreciation of $$1,700,000.$ All amounts have been updated to the date of the exchange. In addition to the equipment, Metro Construction paid Urban Developers $$80,000$ as part of the exchange.

Required:

Prepare the journal entry for Urban Developers LLC$,$ assuming that the exchange lacks commercial substance.