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Brooklyn Market recently traded in store fixtures. The exchange had commercial substance. The old fixtures had a cost of $78,000 and accumulated depreciation of $60,000.
Brooklyn Market recently traded in store fixtures. The exchange had commercial substance. The old fixtures had a cost of $78,000 and accumulated depreciation of $60,000. Brooklyn paid $96,000 for the new store fixtures. These new fixtures had a market value of $134,000. There is a loss of $20,000 on this exchange. True False O The three major types of receivables are accounts receivable, notes receivable, and other receivables. O True O False
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