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Alpine Industrials exchanges their old equipment with a book value of $304,000 (which includes $115,000 in accumulated depreciation) and cash of $16,000 given for a
Alpine Industrials exchanges their old equipment with a book value of $304,000 (which includes $115,000 in accumulated depreciation) and cash of $16,000 given for a building with a fair value of $447,000. What would be truewithin the journal entry to record this non-monetary exchange if the transaction lacked commercial substance?
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