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Hawk Company traded in a piece of equipment for another piece of equipment, as follows:...

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Accounting

Hawk Company traded in a piece of equipment for another piece of equipment, as follows:

Asset traded in New Asset (Asset Received)

Cost $400,000 Fair Market Value $460,000

A/D $350,000

Book Value $ 50,000

Fair Market Value $160,000

Cash Paid, given up $300,000

The exchange HAS commercial substance. Hawk should record the NEW ASSET at what amount?

460,000

350,000

300,000

160,000

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