Ky work Exercise 10-23A Exchanging assets LO P5 Gilly Construction trades In an old tractor for a new tractor, receMng a $28,000 trade-In allowance and paylng the remalning $84,000 In cash. The old tractor had cost $83,000, and straight-line accumulated depreciation of $45,000 had been recorded to date under the assumption that it would last elght years and have a $11,000 salvage value. Answer the following questions assuming the exchange has commercial substance. 1. What Is the book value of the old tractor at the time of exchange? Book value 2. What Is the loss on this asset exchange? Loss on the exchange 2 What Is the loss on this asset exchange? Loss on the exchange 3. What amount should be recorded (debited) In the asset account for the new tractor? Amount debited Next 5 of 5