On January$2,$

$20222022,$

TemptationsTemptations

Corporation paid

$ $31$ comma $500$$$31,500$

in cash and exchanged a chocolate mixing$$ machine, which had a fair value of

$ $437$ comma $500$$$437,500$

and a book value of

$ $500$ comma $000$$$500,000$

$($$ $1$ comma $135$ comma $000$$$1,135,000$

historical cost$-$

$ $635$ comma $000$$$635,000$

accumulated depreciation brought up to the date of the$$ transaction$)$ for another chocolate mixing machine from

RascalsRascals

$$Candy$,$ Inc. The new mixing machine had a fair value of

$ $469$ comma $000$$$469,000$

and a book value of

$ $380$ comma $000$$$380,000$

$($$ $1$ comma $500$ comma $000$$$1,500,000$

$-$

$ $1$ comma $120$ comma $000$$$1,120,000).$