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Assigning Value to Assets in Nonmonetary Exchange Lacking Commercial Substance Mariot trades in its old equipment ( with the following carrying values ) for new

Assigning Value to Assets in Nonmonetary Exchange Lacking Commercial Substance
Mariot trades in its old equipment (with the following carrying values) for new equipment. Mariot received $2,400 cash on the exchange. The fair value of the new equipment is $8,400.
\table[[Original cost of old equipment,$6,000
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