Exchange has commercial substance

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Reference no: EM13786723

Raymond construction trades in an old tractor for a new tractor receiving a 31850 trade in allowances and paying the remaining 93275 in cash. The old tractor cost 107900 and straight line accumulated depreciation of 58500 had been recorded to date under the assumption that it would last eight years and have a 14300 salvage value. Answer the following questions assuming the exchange has commercial substance.

Reference no: EM13786723

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