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What should be the cost of the new truck

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Question - On January 2, 2020, Bramble Corp. traded in an old delivery truck for a newer model. The exchange lacked commercial substance. Data relative to the old and new trucks follow:

Old Truck

Original cost $27500

Accumulated depreciation as of January 2, 2020 27500

Average published retail value 15200

New Truck

List price $74900

Cash price without trade-in 64500

Cash paid with trade-in 57000

Required - What should be the cost of the new truck for financial accounting purposes?

a. $57000.

b. $57000.

c. $74900.

d. $49500.

Reference no: EM132631748

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