A fixed asset with a cost of $31,859 and accumulated depreciation of $28,673 is traded...
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Accounting
A fixed asset with a cost of $31,859 and accumulated depreciation of $28,673 is traded for a similar asset priced at $48,099. Assuming a trade-in allowance of $5,269, the cost basis of the new asset in a transaction with commercial substance is
Select the correct answer
| a. | $48,099 | |
| b. | $5,269 | |
| c. | $26,590 | |
| d. | $2,083 |
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