Asset Traded for Similar Asset A printing press priced at a fair market value of $275,000 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 $90,000, what is the amount of cash given? 185,000 b. Anuming that the book value of the press traded in is $68,000, what is the gain or loss on the exchange