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How should goofy record his new speed boat

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Question - Donald Duck exchanged his speed boat for Goofy's truck in a dealer to dealer exchange.  Goofy's truck cost $12,400 and has accumulated depreciation of $8,400, and FMV of $7,000.  Donald's boat cost $15,000, has a book value of $9,000 but because he ran it aground one too many times, it has a FMV of $6,500.  Goofy says who cares, " I'd rather glide than fly anytime!  How should Goofy record his new speed boat?

Reference no: EM131731487

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