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At what cost will the new equipment be recorded in the books

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Reference no: EM132737224

Question - A fixed asset with a cost of $21,836 and accumulated depreciation of $19,652 is traded for a similar asset priced at $42,638 (fair market value) in a transaction with commercial substance. Assuming a trade-in allowance of $5,606, at what cost will the new equipment be recorded in the books?

a. $42,638

b. $3,422

c. $16,230

d. $5,606

Reference no: EM132737224

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