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A company exchanged land for equipment and received $2,900 in cash. The book value and the fair value of the land were $104,900 and $88,400,

A company exchanged land for equipment and received $2,900 in cash. The book value and the fair value of the land were $104,900 and $88,400, respectively. Assuming that the exchange has commercial substance, the company would record equipment and a gain(loss) on exchange of assets in the amounts of: Multiple Choice Option b. Option c. Option a. Option d

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