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Eastern Inc. exchanged a used machine for a used machine. The old used machine has a book value of $24,000 and a fair value of

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Eastern Inc. exchanged a used machine for a used machine. The "old" used machine has a book value of $24,000 and a fair value of $30,000. At the same time, Eastern also received $5,000 cash in the exchange. The exchange lacks commercial substance. At what amount should Eastern record the machine received? $19,000. $25,000. $20,000. $26,000

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