exchange lacks commercial substance

gain with less than 25% boot

briht company exchanges a used truck (cost $30,000; Accumulated depreciation $ 28,000) for a new truck. the fair value of the used truck has been determined at $10,000. bright also recives $1,000 cash as part of the exchange. the fair value of the new truck is stimated at $11000.prepare the journal entryto record the exchange for bright company.