Solved: The exchange was between dealer to dealer at what amount, Accounting Basics

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The exchange was between dealer to dealer at what amount

Question - In January, 2017 Bevis Company exchanged an old machine, with a book value of $ 256,000 and a fair market value of $ 260,000, and paid $ 40,000 cash for a similar used machine having a fair market value of $ 300,000. The exchange was between dealer to dealer. At what amount should the machine acquired in the exchange be recorded on Bevis' books?

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