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During the year, a company gave up land in exchange for a machine. If the exchange has commercial substance, then the company needs to record:

During the year, a company gave up land in exchange for a machine. If the exchange has commercial substance, then the company needs to record:

A.

An update to depreciation for land only.
B.

An update to depreciation for machine only.
C.

No need to record an update to depreciation.
D.

An update to depreciation for both assets.

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