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5. Equipment worth $75,000 was acquired at a cost of $60,000 from a company that was going out of business. The following entry was made

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5. Equipment worth $75,000 was acquired at a cost of $60,000 from a company that was going out of business. The following entry was made Equipment.. Cash Gain from on Fair Value Adjustment on Equipment. 75,000 60,000 15,000 Instructions For each situation above, identify the assumptio if any. If the entry is incorrect, prepare the entry that should have been made, f any

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