On August 1, 2010, Robbins 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: A total of $10, 500 cash was given in the trade.What should be the cost of the new plant asset for financial accounting purposes?

Question

On August 1, 2010, Robbins 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:  A total of $10, 500 cash was given in the trade.What should be the cost of the new plant asset for financial accounting purposes?

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The Answer of On August 1, 2010, Robbins 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:  A total of $10, 500 cash was given in the trade.What should be the cost of the new plant asset for financial accounting purposes?

On August 1, 2010, Robbins Traded in an Old Plant