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A company exchanges its old office equipment and $40,000 for new office equipment. The old office equipment has a book value of $28,000 and a
A company exchanges its old office equipment and $40,000 for new office equipment. The old office equipment has a book value of $28,000 and a fair market value of $20,000 on the date of the exchange. The cost of the new office equipment would be recorded at
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