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Bismarck and Altoona exchange buildings. The transaction has commercial substance. The following information was obtained. Cost Accumulated Depreciation Fair value based upon appraisal ed Depreciation
Bismarck and Altoona exchange buildings. The transaction has commercial substance. The following information was obtained. Cost Accumulated Depreciation Fair value based upon appraisal ed Depreciation aisa Bismarck's Building $60,000 20,000 20.000 Altoona's Building $45,000 20,000 40,000 20.000 The exchange was made, and based on the difference in appraised value, Altoona paid $10,000 to Bismarck. Bismarck should recognize a gain on this exchange of: Select one: a. $0 O b. $10,000 c. $8,000 O d. $2,000 O e. $12,000
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