Annie, Inc. exchanged used equipment and gave up $30,000 cash for equipment owned by Bernie, Inc (no FV information is available for this Float equipment). Below is information about the asset exchanged by Annie: Cost of Annie asset: $400,000 Accumulated Depreciation on Annie asset: $120,000 FV of the Annie asset: $220,000

If the exchange above was deemed to have commercial substance, then Annie would record the new asset initially at what amount?

If the exchange above was deemed to lack commercial substance, then Annie would record the new asset initially at what amount?