Equipment with a fair value of $600,000 and book value of $360,000 (cost $660,000 and accumulated depreciation $300,000) is exchanged for equipment with a fair value of $480,000 and $120,000 cash is received. The exchange lacked commercial substance.

The new equipment should be recorded at

Group of answer choices

None of the other answers are correct

$300,000

$480,000

$360,000.

$288,000.