Great Coast Construction (GCC) exchanged a three-year-old excavator for a new excavator that had a...
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Great Coast Construction (GCC) exchanged a three-year-old excavator for a new excavator that had a price of $315,000, which was its fair value. The old excavator originally cost $425,000 and has accumulated depreciation of $225,000 to the date of exchange. GCC was given a $250,000 trade in value for the old excavator and was responsible to pay the remainder in cash.
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