Pace Works traded a plant asset with a cost of $29,000 and accumulated depreciation of $26,000 for a similar asset priced at $69,000. Assuming a trade-in of $3,100, the cost basis of the new asset under income tax rules is:

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The Answer of Pace Works traded a plant asset with a cost of $29,000 and accumulated depreciation of $26,000 for a similar asset priced at $69,000. Assuming a trade-in of $3,100, the cost basis of the new asset under income tax rules is:

Pace Works Traded a Plant Asset with a Cost of $29,000