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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.
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