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Homework: Chapter g HW Save Question 4, TIF9A-7 (similar to) Part 1 of2 HW score: 80%, 20 ot 25 points O Points: O of 5 Question list Question 1 Question 2 Question 3 O Question 4 7A. Micron Precision, purchased equipment for $15,000. Micron recorded total depreciation of $12,000 on the equipment. Assume that Micron exchanged the old equipment for new equipment, paying S2,500 cash. The fair market value ofthe new equipment is Journalize Micron's exchange of equipment Assume this exchange has commercial substance. Let's begin by calculating the gain or loss on the exchange of equipment (Enter a loss with a minus sign or parentheses) Market value of assets received Less: Book value of asset exchanged Cash paid Gain or (Loss)