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A company exchanged old equipment and $18,400 cash for similar equipment. The book value and the fair value of the old equipment were $80,300 and
A company exchanged old equipment and $18,400 cash for similar equipment. The book value and the fair value of the old equipment were $80,300 and $90,100, respectively. Assuming that the exchange lacks commercial substance, the company would record a gain(loss) on exchange of assets in the amount of
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