Solved: He paid 19000 with his auto trade-in the auto he purchased, Accounting Basics

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He paid 19000 with his auto trade-in the auto he purchased

Question - Chris, a computer expert, exchanged a business auto for a new one from a car dealer named Ryan, the best auto dealer man in town. The undepreciated cost of his auto was $ 4000 and a FMV of $4500. Chris could have purchased the auto for a cash price of $ 22,000 without trade-in. He paid $ 19,000 with his auto trade-in. The auto he purchased had a list price of $ 24,000. At what amount should Chris record his new auto?

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Accounting Basics: He paid 19000 with his auto trade-in the auto he purchased

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