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Equipment that cost $554400 and has accumulated depreciation of $257000 is exchanged for equipment with a fair value of $403200 and $10000 cash is received.

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Equipment that cost $554400 and has accumulated depreciation of $257000 is exchanged for equipment with a fair value of $403200 and $10000 cash is received. The exchange tacked commercial substance The new equipment should be recorded at 5403300 1352000 $241920 201600

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