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11) Equipment that cost $1,400,000 and has accumulated depreciation of $600,000 is exchanged for equipment with a fair value of $960,000 and $40,000 cash is

11) Equipment that cost $1,400,000 and has accumulated depreciation of $600,000 is exchanged for equipment with a fair value of $960,000 and $40,000 cash is paid. The exchange has commercial substance. The gain to be recognized from the exchange is

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