Morgan trucking traded a used truck with a book value of, Financial Accounting

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Morgan trucking traded a used truck with a book value of

Morgan Trucking traded a used truck with a book value of $1,700 and a fair market value of $2,300 for a new truck with a list price of $17,800. Morgan agreed to pay $13,000 in cash for the exchange in addition to giving up the used truck. Assuming the exchange has commercial substance, at what amount should the new truck be recorded?

$17,800

$15,300

$14,700

None of these

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Financial Accounting: Morgan trucking traded a used truck with a book value of

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