A truck costs $100,000 when new and has accumulated depreciation of $80.000. Suppose Dave Towing exchanges the truck for a new truck. The new truck has a market value of $76,000, and Dave pays cash of $52,000. Assume the exchange has commercial substance. What is the result of this exchange? No gain or loss Gain of $56.000 Loss of $4.000 Gain of $4.000. Show transcribed image text A truck costs $100,000 when new and has accumulated depreciation of $80.000. Suppose Dave Towing exchanges the truck for a new truck. The new truck has a market value of $76,000, and Dave pays cash of $52,000. Assume the exchange has commercial substance. What is the result of this exchange? No gain or loss Gain of $56.000 Loss of $4.000 Gain of $4.000.
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