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A fixed asset with a cost of $32,545 and accumulated depreciation of $29,291 is traded for a similar asset priced at $43,403. Assuming a trade-in

A fixed asset with a cost of $32,545 and accumulated depreciation of $29,291 is traded for a similar asset priced at $43,403. Assuming a trade-in allowance of $4,550, the cost basis of the new asset in a transaction with commercial substance is Select the correct answer. $43,403 $27,995 $1,296 $4,550

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