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Bulgaria Company exchanges an old delivery truck for a new delivery truck. At the date of exchange, the old delivery truck has a carrying amount

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Bulgaria Company exchanges an old delivery truck for a new delivery truck. At the date of exchange, the old delivery truck has a carrying amount of $45,000 and its fair market value is $11,000. Bulgaria paid cash $64,000 in the exchange. Show the detailed calculation to determine the profit or loss on exchange of the asset and the value of the new delivery truck to be recorded. Assuming the exchange has commercial substance

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