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need help asap 7A. Micron Precision, purchased equipment for \$17,000. Micron recorded...

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Accounting

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7A. Micron Precision, purchased equipment for \$17,000. Micron recorded lotal depreciation of \$8,000 on the equipment. Assume thst Micton exchanged the old equipment for new equipment, paying \$5,500 cash. The hair market value of the new equipment is $14,000. Journalze Micror's exchange of equipment. Assume this exchange has corrmertial subsesnce. Lets begin by caiculating the gain or loss on the exchange of equipmert. (Enter a loss with a minus sign or parentheses)

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