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How much gain should Marley record on the exchange

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Question - Marley Inc. exchanged a piece of equipment with a book value of $24,000 and a fair value of $40,000 for another piece of equipment. In addition to the new piece of equipment Marley also received an additional $10,000 in cash. The fair value of the truck received was $30,000. The exchange was considered to have commercial substance.

Required -

A) At what amount should Marley record the piece of equipment received in the exchange?

B) How much gain should Marley record on the exchange?

Reference no: EM132524930

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