Question: Can you explain the correct approach to solve this general accounting question? A company bought a new cooling system for $150,000 and was given a

Can you explain the correct approach to solve this general accounting question?

A company bought a new cooling system for $150,000 and was given a trade-in of $95,000 on an old cooling system, so the company paid $55,000 cash with the trade-in. The old system had an original cost of $140,000 and accumulated depreciation of $60,000. lf the transaction has commercial substance, the company should record the new cooling system at

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