AIFA exchanged a machine with a carrying amount of $$24,000$ and a fair value of $$40,000$ for a machine and $$12,000$ cash. The cash flows from the new machine are not expected to be significantly different from the cash flows of the old machine. The fair value of the machine received was $$28,000.$ At what amount should AIFA record the machine received in the exchange?

Solutio