Robertson traded in an old plant asset for a newer model that would be more...
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Accounting
Robertson traded in an old plant asset for a newer model that would be more productive and efficient. Data relative to the old and new plant assets follow: Old Plant Asset Original cost $10,000 Accumulated depreciation of 7,000 Fair value 2,000 New Plant Asset List price 13,000 Robertson paid $10,500 cash in the trade. What should be the cost of the new plant asset for financial accounting purposes?
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