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Equipment that cost $411,100 and has accumulated depreciation of $310,700 is exchanged for equipment with a fair value of $240,000 and $60,000 cash is received.

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Equipment that cost $411,100 and has accumulated depreciation of $310,700 is exchanged for equipment with a fair value of $240,000 and $60,000 cash is received. The exchange lacked commercial substance. (a) Your answer is incorrect. Calculate the gain to be recognized from the exchange. Gain recognized $ 1

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