Ramond Construction trades in an old tractor for a new tractor, receiving a $24,500 trade-in allowance and paying the remaining $73,500 in cash. The old tractor had cost $75,000, and straight-line accumulated depreciation of $40,625 had been recorded to date under the assumption that it would last eight years and have a $10,000 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? (Omit the "$" sign in your response.)

Book value

$

2.	What is the loss on this asset exchange? (Input the amount as positive value. Omit the "$" sign in your response.)

Loss on the exchange

$

3.	What amount should be recorded (debited) in the asset account for the new tractor? (Omit the "$" sign in your response.)

Amount debited

$