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Alamos Co. exchanged equipment and $17,100 cash for similar equipment. The book value and the fair value of the old equipment were $80,100 and $90,900,

Alamos Co. exchanged equipment and $17,100 cash for similar equipment. The book value and the fair value of the old equipment were $80,100 and $90,900, respectively.

Assuming that the exchangelackscommercial substance, Alamos would record a gain/(loss)on exchange of assets in the amount of:

Multiple Choice

  • $27,900.
  • $0.
  • $10,800.
  • $(10,800).

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