Equipment that cost $ 387,400 and has accumulated depreciation of $ 312,900 is exchanged for equipment with a fair value of $ 160,000 and $ 40,000 cash is received. The exchange lacked commercial substance. (a) Incorrect answer icon Your answer is incorrect. Calculate the gain to be recognized from the exchange. Gain recognized $

Equipment that cost $ 387,400 and has accumulated depreciation of $ 312,900 is exchanged for equipment with a fair value of $ 160,000 and $ 40,000 cash is received. The exchange lacked commercial substance. (a) X Your answer is incorrect. Calculate the gain to be recognized from the exchange. Gain recognized $ 17100 Save for Later Attempts: 2 of 3 used Submit