Exchanging plant assets Micron Precision, Inc. purchased a computer for $2,500, debiting Computer…

Exchanging plant assets Micron Precision, Inc. purchased a computer for $2,500, debiting Computer Equipment. During 2016 and 2017, Micron Precision, Inc. recorded a total depreciation of $1,600 on the computer. On January 1, 2018, Micron Precision, Inc. traded in the computer for a new one, paying $2,100 cash. The fair market value of the new computer is $3,900. Journalize Micron Precision, Inc.’s exchange of computers. Assume the exchange had commercial substance.      

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