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Bogut Co. and Nadal exchanged productive assets. The asset surrendered by Bogut had a carrying amount and a list price of $10,000 and $15,000, respectively.
Bogut Co. and Nadal exchanged productive assets. The asset surrendered by Bogut had a carrying amount and a list price of $10,000 and $15,000, respectively. The asset received by Bogut had a fair value of $13,000. If Bogut paid Nadal $2,000 in cash, Bogut should recognize a gain (loss) of
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$(4,000)
$0
$2,000
$1,000
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