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Mariot Inc. trades its old equipment for new equipment with a $4,800 fair value. Mariot paid $2,800 cash on the exchange. Original cost of old

Mariot Inc. trades its old equipment for new equipment with a $4,800 fair value. Mariot paid $2,800 cash on the exchange.

Original cost of old equipment $4,000
Accumulated depreciation on old equipment 3,200

If the transaction has commercial substance, what amount does Mariot assign to the new equipment?

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