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Equipment costing $10,000 with accumulated depreciation of $7,500 is traded for equipment priced at $17,000, minus a trade-in allowance of $2,000. Under the income tax

Equipment costing $10,000 with accumulated depreciation of $7,500 is traded for equipment priced at $17,000, minus a trade-in allowance of $2,000. Under the income tax method of recording no gain or loss, the new equipment is recorded at

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