Asset Traded for Similar Asset A printing press priced at a fair market value of $606,400 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for...

Extracted text: Asset Traded for Similar Asset A printing press priced at a fair market value of $606,400 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $266,800, what is the amount of cash given? $ b. Assuming that the book value of the press traded in is $240,100, what is the gain or loss on the exchange?