Asset Traded for Similar Asset A printing press priced at a fair market value of $380,100 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 $15,200, what is the amount of cash given? b. Assuming that the book value of the press traded in is $16,100, what is the gain or loss on the exchange? loss Feedback Check My Work The gain or loss on the exchange is on the exchange is the difference between the fair market value (trade-in allowance) of the asset given up (exchanged) and its book value