Tanzania Inc. acquired a new delivery truck in exchange for an old delivery truck that it had
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Question:
Tanzania Inc. acquired a new delivery truck in exchange for an old delivery truck that it had acquired several years earlier for $40,000. On the date of the exchange, the old truck had a fair value of $16,000, and its net book value (carrying value) was $15,200. In addition, Tanzania paid $52,000 cash for the new truck, which had a list price of $72,000. At what amount should Tanzania record the new truck for financial accounting purposes?
a. $52,000
b. $67,200
c. $68,000
d. $72,000
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