Robards Services exchanged an asset with a cost of $24, 000 (now 40% depreciated)for a nonmonetary asset worth $12, 000.Robards received $2, 000 boot.In the entry to record this exchange, Robards should record

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The book value of the exchanged asset is $14,400 ($24,000 cost - $9,600 accumulated depreciation). 
Since the nonmonetary asset received has a fair value of $12,000 and cash of $2,000 is received, the total fair value of assets received is $14,000 ($12,000 + $2,000). 
Therefore, there is a loss on the exchange of $400 ($14,000 received - $14,400 book value of the exchanged asset). 
The entry to record the exchange would be:
Nonmonetary asset received $12,000
Cash received $2,000
Loss on exchange $400
Asset exchanged (with accumulated depreciation) $24,000

Robards Services Exchanged an Asset with a Cost of $24