A new truck was purchased for $180,000 by trading in a similar truck that had a book value of $55,200. Assuming that the trade-in allowance is $46,000, what is the cost basis of the new asset for depreciation purposes?
A new truck was purchased for $180,000 by trading in a similar truck that had a book value of $55,200. Assuming that the trade-in allowance is $46,000, what is the cost basis of the new asset for depreciation purposes?