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Jerusalem Company exchanged a number of used trucks plus cash for a semi-truck. The used trucks have a combined book value of $40,000 (cost $64,000

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Jerusalem Company exchanged a number of used trucks plus cash for a semi-truck. The used trucks have a combined book value of $40,000 (cost $64,000 less $24,000 accumulated depreciation), the used trucks have a fair market value of $48,000. In addition to the trucks, Jerusalem must pay $13,000 cash for the semi-truck. (transaction has commercial substance) the gain (loss) of this transaction

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