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Blossom Company exchanges an industrial oven for an industrial freezer. The carrying amount of the...

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Blossom Company exchanges an industrial oven for an industrial freezer. The carrying amount of the industrial oven is $30,000 (cost $50,000 less accumulated depreciation $20,000). The oven's fair value is $20,000 and cash of $4,000 is paid by Blossom in the exchange Prepare the entry to record the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Jan. 7

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