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26. On September 30, 2021, Jackson Company exchanged an old machine with a book value of $130,000 and fair market value of $180,000 for a

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26. On September 30, 2021, Jackson Company exchanged an old machine with a book value of $130,000 and fair market value of $180,000 for a new machine. The exchange lacked commercial substance. Instructions (5 points) (a) Show the calculation of the total gain or loss to Jackson Co. from the exchange. (b) How much of the gain or loss should be recognized on September 30, 2019 and how much should be deferred

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