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Equipment that cost $653000 and has accumulated depreciation of $304000 is exchanged for equipment with a fair value of $480000 and $120000 cash is received.

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Equipment that cost $653000 and has accumulated depreciation of $304000 is exchanged for equipment with a fair value of $480000 and $120000 cash is received. The exchange lacked commercial substance. The gain to be recognized from the exchange is $45800 $45000 $176000 O $221000

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