7 d On December 1, 2015, Kelso Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2012. The old truck was purchased for $35,000 and had a book value of $13,300. On the date of the exchange, the old truck had a fair value of $14,000. In addition, Kelso paid $45,500 cash for the new truck, which had a list price of $63,000. The exchange lacked commercial substance. At what amount should Kelso record the new truck for financial accounting purposes? out of question Select one: a. $59,500. b. $58,800. C. $45,500. d. $63,000 8 The method most commonly used to compute depletion is the a. 8 b. out of C. d. question Select one: a. effective interest method. b. double-declining-balance method. C. straight-line method. d. units-of-activity method