During the current year, ABC Co. trades an old truck that has a boo accumulated depreciation $50,000) for a new truck from XYZ Co. The fo ABC Co. XYZ Co. Fair value of old truck 582,000 Fair value of new truck $200,000 Cash paid $118,000 Cash received $118,000 Required: 2. Assuming that this exchange is considered to have commercials books of ABC Co. b. Assuming that this exchange lacks commercial substance for AB requirement (a) above. During the current year, ABC Co. trades an old truck that has a boo accumulated depreciation $50,000) for a new truck from XYZ Co. The fo ABC Co. XYZ Co. Fair value of old truck 582,000 Fair value of new truck $200,000 Cash paid $118,000 Cash received $118,000 Required: 2. Assuming that this exchange is considered to have commercials books of ABC Co. b. Assuming that this exchange lacks commercial substance for AB requirement (a) above