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Equipment that cost $805200 and has accumulated depreciation of $366000 is exchanged for equipment with a fair value of $585600 and $146400 cash is received.

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Equipment that cost $805200 and has accumulated depreciation of $366000 is exchanged for equipment with a fair value of $585600 and $146400 cash is received. The exchange lacked commercial substance. The new equipment should be recorded at $366000 O $351360 O $585600 O $292800

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