The Elcorn Company traded its old laser equipment for the newer air-cooled ion laser equipment manufactured by American Laser Corporation. The old equipment had a book value of $120,000 (cost of $520,000 less accumulated depreciation of $400,000) and a fair value of $150,000. Elcorn also paid American Laser $430,000 in cash as part of the exchange. What is the cost of the new laser equipment? $550,000 $580,000 $570,000 $560,000 Activate Windows