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What was the book value of the old tractor

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Reference no: EM133071182

Question - On October 6, 2020, Western Farms Co. traded in an old tractor for a new one, receiving a $75,000 trade-in allowance and paying the remaining $182,000 in cash. The old tractor cost $226,000, and straight-line depreciation of $123,000 had been recorded as of October 6, 2020. Assume the fair value of the new tractor was equal to the trade-in allowance of the old tractor plus the cash paid.

Required -

a. What was the book value of the old tractor?

b. What is the gain or loss on the exchange?

Reference no: EM133071182

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