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At what amount should chris record his new auto

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Question - Chris, a computer expert, exchanged a business auto for a new one from a car dealer named Ryan, the best auto dealer man in town.  The undepreciated cost of his auto was $ 4000 and a FMV of $4500.  Chris could have purchased the auto for a cash price of $ 22,000 without trade-in. He paid $ 19,000 with his auto trade-in. The auto he purchased had a list price of $ 24,000.  At what amount should Chris record his new auto?

Reference no: EM131724064

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