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Deacon Company engages in an exchange of similar assets. The old equipment has a book value of $40,600 and a fair value of $35,400. Cash

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Deacon Company engages in an exchange of similar assets. The old equipment has a book value of $40,600 and a fair value of $35,400. Cash paid was $8.200. The exchange has commercial substance. Calculate the gain (loss) Deacon company would record on the exchange of assets. $(3,000)$3,000$(5,200)$5,200

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