On October 6. 2020. Westem Farms Co.traded in an old tractor for a new one, recelving a $71.000 trade-in allowance and paying the remaining $180.000 in cash. The old tractor cost $222.000, and straight-line depreciation of $121.000 had been recorded as of October 6, 2020. Assume the fair value of the new tractor was equal to the trade-in allowance of the old tractor plus the cash pald. Required: a. What was the book value of the old tractor Baada b. What's the gain or oss on the exchange GEDE 19-21 - So. |