Assigning Value to Assets in Nonmonetary Exchange Lacking Commercial Substance Mariot trades in its old equipment (with the following carrying values) for new equipment with a $12,000 fair value. Mariot paid $7,000 cash on the exchange. Original cost of old equipment Accumulated depreciation on old equipment $10,000 6,000 If the transaction lacks commercial substance, what amount does Mariot assign to the new equipment? Amount assigned to new equipment $ X