The piece of land was exchanged for a new delivery truck. The land was acquired at a cost of $40,000 and had a value of $65,000 at the exchange date, which corresponded to the price of the truck. The transaction was completed April 1st and a gain on the disposal of a land of $25,000 was recorded in current year revenue. The residual value of the truck was estimated at $5,000 and its useful life at 10 years. The company uses straight-line depreciation for its vehicle