Our company traded equipment with another company and received new assets. No cash was involved at all. Do I retire the old assets from our books? How do I handle the loss on the retirement? Do I add the new assets at the value quoted by the Vendor? Detail below.
Old Assets Traded:
Cost: $9,893.21
Accum: $9,883.70
NBV: $9.51
Value of New Assets Received: $6,300.00

show it as old assed scrapped(depreciated value)new asset aquired(cost)and loss(difference in values).