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Alamos Co. exchanged equipment and $17,200 cash for similar equipment. The book value and the fair value of the old equipment were $81,600 and $91,200,
Alamos Co. exchanged equipment and $17,200 cash for similar equipment. The book value and the fair value of the old equipment were $81,600 and $91,200, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of:
$9,600.
$0.
$(9,600).
$26,800.
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