Asset Traded for Similar Asset A printing press priced at a fair market value of $355,800 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $156,600, what is the amount of cash given? b. Assuming that the book value of the press traded in is $140,900, what is the gain or loss on the exchange? Gain Feedback