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A company exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. Old Equipment: Cash Book Value $61,800 Fair Value

A company exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance.

Old Equipment:

Cash Book Value $61,800

Fair Value $ 55,000

Cash Received $10,300

The company would record a gain(loss) of:

6,800

(6,800)

(10,300)

None of the other answer choices are correct

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