Thomas W. Bruers, et al., Appellants, vs. Thomas R. Wherley, Respondent.

may not be cited except as provided by

Minn. Stat. § 480 A. 08, subd. 3 (1998).

 STATE OF MINNESOTA

 IN COURT OF APPEALS

 C4-98-912

Dale Kramer,

Respondent,

vs.

Larry Kramer, et al.,

Appellants.

 Filed January 19, 1999

 Affirmed

Klaphake, Judge

Redwood County District Court

File No. C5-97-209

John H. Schnobrich, Estabo, Schnobrich, Frank & Sole, Ltd., 315 Washington St. S., Redwood Falls, MN 56283 (for respondent)

John E. Mack, Ralph Daby, Mack & Daby, 26 Main St., P.O. Box 302, New London, MN 56273 (for appellants)

Considered and decided by Amundson, Presiding Judge, Klaphake, Judge, and Mulally, Judge.[*]

 U N P U B L I S H E D O P I N I O N

 KLAPHAKE, Judge

Appellants Larry and Kerry Kramer challenge the trial court's valuation of a John Deere 4440 tractor owned by respondent Dale Kramer and sold on his behalf by appellants. Appellants also claim that the evidence was insufficient to hold Kerry Kramer and appellant K-Lynn Farms, a farming corporation in which Kerry Kramer has an interest, liable in this action for breach of contract. Because the evidence supports the trial court's valuation and because appellants admitted in their answer that they received the tractor, we affirm.

 D E C I S I O N

 I.

Upon our review of the record, we conclude that the evidence supports the trial court's valuation of the John Deere 4440 tractor at $27,000. Dale Kramer allowed appellants to trade in the tractor and apply its value toward the purchase of a new John Deere 8100 tractor. The evidence on valuation presented at trial established: (1) the "blue book" value of the tractor was $27,000; (2) the tractor was sold by the implement dealer for $30,000 one week after it was traded in; (3) the implement dealer told Dale Kramer that he valued the trade-in at $29,000; and (4) the $27,000 value approximately represents the difference between the $80,360 list price of the John Deere 8100 tractor and the $51,950 "out-of-pocket" amount that Larry and Kerry Kramer paid for it. Thus, there is substantial evidence to support the valuation figure arrived at by the trial court. See Hertz v. Hertz, 304 Minn. 144, 145, 229 N.W.2d 42, 44 (1975) (appellate court will not overturn trial court's valuation of asset unless clearly erroneous, and trial court's market valuation will be sustained if it falls within limits of credible estimates made by competent witnesses); Snesrud v. Instant Web, Inc., 484 N.W.2d 423, 428 (Minn. App. 1992) (factual findings reversed only if appellate court is of "definite and firm conviction * * * mistake has been made"; on appeal, evidence must sustain findings and findings must support conclusions made by trial court), review denied (Minn. June 17, 1992).

 II.

While the record evidence does not firmly establish the features of the business relationships between appellants Larry and Kerry Kramer and K-Lynn Farms, their joint admissions as "Defendants" in their answer provide sufficient evidence of their involvement in this action. They admit that Dale Kramer "allowed the Defendants to use the tractor as a trade-in on the purchase of certain equipment that the Defendants were intending to buy" and that they "did obtain $17,000" as a trade-in allowance for the John Deere 4440 tractor. Having admitted these facts in their answer, appellants may not now argue that Dale Kramer failed to prove these facts or subsidiary matters, such as whether Larry and Kerry Kramer had a partnership agreement or the extent of K-Lynn Farms' involvement in the sale. See Phelps v. Benson, 252 Minn. 457, 476, 90 N.W.2d 533, 546 (1958) (when essential facts admitted by pleadings, they are no longer at issue unless litigant apprises court and adversary that he wishes to abandon position); Wilson Storage & Transfer Co. v. Geurkink, 242 Minn. 60, 65, 64 N.W.2d 9, 14 (1954) (factual matters alleged in pleadings constitute admissions of party at trial). Appellants' admissions thus establish their liability in this action.

Affirmed.

[*] Retired judge of the district court, serving as judge of the Minnesota Court of Appeals pursuant to Minn. Const. art. VI, § 10.