Multiple Choice
A fixed asset with a cost of $41,000 and accumulated depreciation of $36,000 is traded for a similar asset priced at $50,000 fair market value in a transaction with commercial substance.Assuming a trade-in allowance of $4,000,at what cost will the new equipment be recorded in the books?
A) $50,000
B) $45,000
C) $51,000
D) $54,000
Correct Answer:
Verified
Correct Answer:
Verified
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