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ACCT 4510 Columbus Fred Property owned Island Artwork FMV 600,000 800,000 Cost 1,000 1,000,000 Debt 200,000 400,000 Columbus and Fred exchanged property and assume each
ACCT 4510
| Columbus | Fred |
Property owned | Island | Artwork |
FMV | 600,000 | 800,000 |
Cost | 1,000 | 1,000,000 |
Debt | 200,000 | 400,000 |
Columbus and Fred exchanged property and assume each others Debt. Compute Columbus and Fred realized gain or loss on the exchange
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