Smith's Auto, Inc. purchased a computer for $3,300, debiting Computer Equipment During 2016 and 2017, Smith's Auto, Inc. recorded total depreciation of $2,700 on the computer Onaniary 1 2018 Smith's Auto Inc. traded in the computer for a new one, paying $2,800 cash The for market value of the new computer is $4200 Journalie Smith's Auto, Inc.'s exchange of computers Assume the exchange had commercial substance Let's begin by calculating the gun or loss on the exchange of computer equipment on January 1 Market value of assets received Book value of asset exchanged Cash paid Gain or los Joumalize Smith's Auto, Inc.'s exchange of computers (Record a single compound journal entry Record debts first, then credits Select the explanation on the last line of the journal entry table) Dute Accounts and Explanation Credit Choose from any list or enter any number in the input fields and then continue to the next