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QUESTION
Escape Inc. exchanged a tractor with a carrying amount of $36,000 and a fair value of $60,000 for another tractor and $15,000 cash. The exchange is...
Escape Inc. exchanged a tractor with a carrying amount of $36,000 and a fair value of $60,000 for another tractor and $15,000 cash. The exchange is deemed to lack commercial substance. The fair value of the truck received was $45,000. At what amount should Escape record its new tractor?
