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Equipment that cost $660,000 and had accumulated depreciation of $300,000, with a fair value of $420,000, is exchanged by Allen Co. for equipment with a

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Equipment that cost $660,000 and had accumulated depreciation of $300,000, with a fair value of $420,000, is exchanged by Allen Co. for equipment with a fair value of $480,000. Further, $60,000 cash is paid by Allen Co. The exchange had commercial substance. The gain to be recognized from the exchange by Allen Co. is Select one: a. $240,000 O b. $60,000 c. $48,000 d. $180,000

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