EC has an old asset that originally cost $150,000; the accumulated amortization is $76,000.Its current market value is $81,000.This old asset is exchanged for another asset (new) that has a list price of $100,000.EC should record the following as the cost of the new asset received,assuming that the two assets are: $$\begin{array} { | l | l | l | }
\hline & \text { Dissimilar } & \text { Similar } \
\hline 1 & \$ 100,000 & \$ 81,000 \
\hline 2 & \$ 81,000 & \$ 76,000 \
\hline 3 & \$ 81,000 & \$ 74,000 \
\hline 4 & \$ 90,000 & \$ 74,000 \
\hline
\end{array}$$

Question

EC has an old asset that originally cost $150,000; the accumulated amortization is $76,000.Its current market value is $81,000.This old asset is exchanged for another asset (new) that has a list price of $100,000.EC should record the following as the cost of the new asset received,assuming that the two assets are: $$\begin{array} { | l | l | l | } 
\hline & \text { Dissimilar } & \text { Similar } \
\hline 1 & \$ 100,000 & \$ 81,000 \
\hline 2 & \$ 81,000 & \$ 76,000 \
\hline 3 & \$ 81,000 & \$ 74,000 \
\hline 4 & \$ 90,000 & \$ 74,000 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of EC has an old asset that originally cost $150,000; the accumulated amortization is $76,000.Its current market value is $81,000.This old asset is exchanged for another asset (new) that has a list price of $100,000.EC should record the following as the cost of the new asset received,assuming that the two assets are: $$\begin{array} { | l | l | l | } 
\hline & \text { Dissimilar } & \text { Similar } \
\hline 1 & \$ 100,000 & \$ 81,000 \
\hline 2 & \$ 81,000 & \$ 76,000 \
\hline 3 & \$ 81,000 & \$ 74,000 \
\hline 4 & \$ 90,000 & \$ 74,000 \
\hline
\end{array}$$

EC Has an Old Asset That Originally Cost $150,000; the Accumulated