On the first day of the fiscal year,a new walk-in cooler with a list price of $58,000 was acquired in exchange for an old cooler and $44,000 cash.The old cooler had a cost of $25,000 and accumulated depreciation of $16,000.Assume the transaction has commercial substance. 
Definitions:
Fair-value Hedge
A hedging strategy aimed at offsetting changes in the fair value of an asset or liability or an identified portion of such an asset or liability.
Other Comprehensive Income
Earnings that are not part of net income, arising from activities outside of the ordinary operations, and reported separately in equity.
Hedging Instrument
A financial contract used to offset potential losses or gains that may be incurred by a companion investment.
Forward Contract
A financial agreement between two parties to buy or sell an asset at a specified future time at a price agreed upon today, not traded on an exchange.
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