Equipment that cost $381,000 and has accumulated depreciation of $319,000 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. (a) Calculate the gain to be recognized from the exchange. Gain recognized Save for Later $ 4 Attempts: 0 of 1 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer

Equlpment that cost $381,000 and has accumulated depreciation of $319000i exchanged for equipment withalair value of 5160,000 and $40,000 cash is received. The ouhange tacked commercial substance (a) Calculate the sain to be recoschired from the eacharke Gain recomhized Attempts 0 of 1 used (b) The parts of this question must be completed in order, This part will be available when you complete the part above