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At what amount should vaughn record the new equipment

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Question - On December 1, 2020, Vaughn Manufacturing acquired new equipment in exchange for old equipment that it had acquired in 2017. The old equipment was purchased for $209000 and had a book value of $78960. On the date of the exchange, the old equipment had a fair value of $84000. In addition, Vaughn paid $279000 cash for the new equipment, which had a list price of $379000. The exchange lacked commercial substance. At what amount should Vaughn record the new equipment for financial accounting purposes?

Reference no: EM132935489

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