Assume the same facts as in Exercise 9-23, except that the book value of the press traded

Question:

Assume the same facts as in Exercise 9-23, except that the book value of the press traded in is $108,500.

(a) What is the amount of cash given?

(b) What is the gain or loss on the exchange?

Exercise 9-23

A printing press priced at a fair market value of $275,000 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press.

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