Atruck costs $ 128 comma 000 when new and has accumulated depreciation of $ 110 comma 000. suppose jake towing exchanges the truck for a new truck. the new truck has a market value of $ 76 comma 000, and jake pays cash of $ 49 comma 000. assume the exchange has commercial substance. what is the result of this? exchange?

Jake Towing exchanges gained $9,000

Explanation:

Old truck's current value = $128,000 - $110,000 = $18,000

New truck's market value = $76,000

Cash amount paid = $49,000

Total amount paid for the new truck = $49,000 + $18,000 = $67,000

New truck's market value - Total amount paid = $76,000 - $67,000 =$9,000

Jake Towing exchanges bought the new truck for $9,000 less than its market value therefore, It gained $9,000.

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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