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. Equipment that cost $66,000 and has accumulated depreciation of $52,250 is exchanged for equipment with a fair value of $26,400 and $6,600 cash is

. Equipment that cost $66,000 and has accumulated depreciation of $52,250 is exchanged for equipment with a fair value of $26,400 and $6,600 cash is received. The exchange lacked commercial substanc...

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