During its fiscal year ended May 31, 2018, Concord incurred $7,690 for interest expense in connection with the financing of these assets Transaction 3: On March 1, 2018, Concord Company exchanged a number of used trucks plus cash for vacant land adjacent to its plant site. (The exchange has commercial substance.) Concord intends to use the land for a parking lot. The trucks had a combined book value of $36,960, as Concord had recorded $19,210 of accumulated depreciation against these assets. Concord's purchasing agent, who has had previous dealings in the secondhand market, indicated that the trucks had a fair value of $48,150 at the time of the transaction. In addition to the trucks, Concord Company paid $19,800 cash for the land. (b) For each of the three transactions described above, determine the value at which Concord Company should record the acquired assets. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places e.g. 58,971.) During its fiscal year ended May 31, 2018, Concord incurred $7,690 for interest expense in connection with the financing of these assets Transaction 3: On March 1, 2018, Concord Company exchanged a number of used trucks plus cash for vacant land adjacent to its plant site. (The exchange has commercial substance.) Concord intends to use the land for a parking lot. The trucks had a combined book value of $36,960, as Concord had recorded $19,210 of accumulated depreciation against these assets. Concord's purchasing agent, who has had previous dealings in the secondhand market, indicated that the trucks had a fair value of $48,150 at the time of the transaction. In addition to the trucks, Concord Company paid $19,800 cash for the land. (b) For each of the three transactions described above, determine the value at which Concord Company should record the acquired assets. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places e.g. 58,971.)