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1. Equipment that cost $395,700 and has accumulated depreciation of $315,900 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is

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Equipment that cost $395,700 and has accumulated depreciation of $315,900 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. (a) Calculate the gain to be recognized from the exchange. Gain recognized List of Accounts Save for Later Attempts: 0 of 1 used Submit

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