Problem - On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a historical cost of $2,500 that had accumulated depreciation of $1,800 after all June adjusting entries had been processed. The exchange was for a new computer having a fair value of $950. The transaction has commercial substance. Using this information, how much should be recorded on July 1 for the following accounts:
1. Accumulated Depreciation, Equipment
2. Gain or (Loss) on Sale (Enter any loss amount with $ sign inside of brackets)
3. Equipment - New