Solved: What amount should be recorded in the asset account, Other Management

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What amount should be recorded in the asset account

Problem:

A company trades an old tractor getting $29,000 trade in allowance and paying $83,000 cash. The old tractor cost $96,000 and had a depreciation value of $52,500. It was expected it would last 8 years and have a $12,000 salvage value.

What is the book value of the old tractor at time of the exchange, the loss on this similar asset exchange, and what amount should be recorded in the asset account for the new tractor?

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