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Asset 4 A truck was acquired by trading in an older truck that has the same value in use. The newer truck has options that will make it more comfortable for the driver; however, the company remains in the same economic position after the exchange as before. Facts concerning the trade-in are as follows: Cost of truck traded $108,000 Accumulated depreciation to date of exchange 39,000 Fair market value of truck traded 80.000 Cash paid by Crane 10.800 Fair market value of truck acquired 76.000 Asset 5 Equipment was acquired by issuing 110 common shares. The shares are actively traded and had a closing market price a few days before the equipment was acquired of $10 per share. Alternatively, the equipment could have been purchased for a cash price of $1,075. Construction of Building A building was constructed on land that was purchased January 1 at a cost of $160,000. Construction began on February 1 and was completed November 1. The payments to the contractor were as follows: Date Payment Feb. 1 $122,000 June 1 348,000 Sept. 1 468,000 Nov. 1 105,000 To finance construction of the building, a $596,000, 13% construction loan was taken out on February 1. At the beginning of the project, Crane invested the portion of the construction loan that was not yet expended and earned investment income of $4,900. The loan was repaid on November 1 when the construction was completed. The firm had $198,000 of other outstanding debt during the year at a borrowing rate of 9% and a $196,000 loan payable outstanding at a borrowing rate of 7%. Acquisition of Asset 4 Vehicles 108000 Accumulated Depreciation - Vehicles 39000 Gain on Disposal of Vehicles 136200 Cash 10800 Acquisition of Asset 5 Equipment 1100 Common Shares 1100 Construction of Building Buildings 1299390 Land 160000 Cash 1203000 Interest Expense 256390