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What is Plant Asset Exchange and Gain Analysis about?

An old asset that was purchased for $20,000 on 1/1/96 and had a fair market value of $8,000 on the exchange date of 1/1/99 was exchanged for a similar new asset. The exchange included a cash payment of $10,000. The book value of the old asset was $5,000 so there was a $3,000 gain on the exchange to recognize. The cost of the new asset is $15,000, which is the fair value of the old asset ($8,000) plus the cash paid ($10,000) less the gain recognized ($3,000).

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