Assigning Value to Assets in Nonmonetary Exchange with Commercial SubstanceMariot Inc. trades its old equipment for new equipment with a $6,000 fair value. Mariot paid $3,500 cash on the exchange.Original cost of old equipment $5,000Accumulated depreciation on old equipment 4,000If the transaction has commercial substance, what amount does Mariot assign to the new equipment?Amount assigned to new equipment $?????Can you explain this question very clearly and make workings easy to understand? Cause I'm really confused about this question.
