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Alamos Co. exchanged equipment and $18,300 cash for similar equipment. The book value and the fair value of the old equipment were $81,100 and $91,800,
Alamos Co. exchanged equipment and $18,300 cash for similar equipment. The book value and the fair value of the old equipment were $81,100 and $91,800, respectively. |
Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) of: |
$(10,700).
$29,000.
$ 0.
$ 10,700.
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