On August 1, 2014, 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:
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, 2014, 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:  
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?

Quizplus · Accepted Answer

The Answer of On August 1, 2014, 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:  
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, 2014, Robertson Traded in an Old Plant