Assigning Value to Assets in Nonmonetary Exchange Lacking Commercial Substance Silo Inc. owns an asset originally costing $75,000, with accumulated depreciation of $38,000. The asset's fair value is $38,000. Silo trades in this old asset and pays $4,500 for a new asset. If the transaction lacks commercial substance, record Silo's journal entry for the exchange. Account Name Dr. Cr. 41,500 0 Equipment (new) Gain on Asset Exchange Cash 38000 0 0 4500 Equipment (old) 0 75000