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What cost will the new equipment be recorded in the books

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Reference no: EM132962511

Problem 1: A fixed asset with a cost of $32,437 and accumulated depreciation of $29,193 is traded for a similar asset priced at $50,220 (fair market value) in a transaction with commercial substance. Assuming a trade-in allowance of $4,879, at what cost will the new equipment be recorded in the books?

a. $50,220
b. $4,879
c. $27,558
d. $1,635

Reference no: EM132962511

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