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Gordon Company exchanged equipment and cash of $15,000 for similar equipment. The book value of the equipment was $50,000 and the fair value of the

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Gordon Company exchanged equipment and cash of $15,000 for similar equipment. The book value of the equipment was $50,000 and the fair value of the equipment was $60,000. Assuming that the exchange has commercial substance, Gordon would record the new equipment at: a. $65,000 b. $75,000 c. $50,000. d. $60,000

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