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Bramble Corp. traded machinery with a book value of $764500 and a fair value of $695000. It received in exchange from Cullumber Company a
Bramble Corp. traded machinery with a book value of $764500 and a fair value of $695000. It received in exchange from Cullumber Company a machine with a fair value of $822000. Bramble also paid cash of $127000 in the exchange. Cullumber's machine has a book value of $764500. What amount of gain or loss should Bramble recognize on the exchange (assume the transaction lacks commercial substance)?
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
14th Edition
978-0132960649, 132960648, 132109174, 978-0132109178
