Great Coast Construction (GCC)exchanged a three-year-old excavator for a new excavator that had a list price of $160,000.The old excavator originally cost $175,000 and had accumulated depreciation of $45,000 to the date of exchange.In addition to the $145,000 trade-in given for the old excavator (which was the old asset's fair value),GCC paid $10,000 cash to complete the deal.The list price for the new excavator is considered unreliable.
Record the asset exchange.

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The Answer of Great Coast Construction (GCC)exchanged a three-year-old excavator for a new excavator that had a list price of $160,000.The old excavator originally cost $175,000 and had accumulated depreciation of $45,000 to the date of exchange.In addition to the $145,000 trade-in given for the old excavator (which was the old asset's fair value),GCC paid $10,000 cash to complete the deal.The list price for the new excavator is considered unreliable.
Record the asset exchange.

Great Coast Construction (GCC)exchanged a Three-Year-Old Excavator for a New