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3) Company A pays $80,000 cash, and exchanges a similar (lacks commercial substance) asset with company B. Information related to the assets is as follows:

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3) Company A pays $80,000 cash, and exchanges a similar (lacks commercial substance) asset with company B. Information related to the assets is as follows: (10 points) Asset (Company A) Asset (Company B) FV 1,520,000 $1,600,000 Cost 2,800,000 2,100,000 Accum. depr. 1,300,000 550,000 A. Record the exchange on the books of company A. B. Record the exchange on the books of company B

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