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Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck with a current appraised value of $15,000. Macey

Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck with a current appraised value of $15,000. Macey Co. gave the other company the piece of equipment and $8,000. Macey Co. should record

a. a $3,000 loss

b. the truck at $18,000

c. a gain of $11,000

d. the truck at $23,000

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