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Bloomington Inc. exchanged land for equipment and $3,400 in cash. The book value and the fair value of the land were $104,500 and $89,500, respectively.

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Bloomington Inc. exchanged land for equipment and $3,400 in cash. The book value and the fair value of the land were $104,500 and $89,500, respectively. Bloomington would record equipment and a gain/(loss) of: Equipment Gain/(loss)

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