Arca Salvage purchased equipment for $10,000. Arca recorded total depreciation of $8,000 on the equipment. Assume that Arca exchanged the old equipment for new​ equipment, paying $4,000 cash. The fair market value of the new equipment is $5,000. Journalize Arca'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)

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