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Grant Labels incorporated his garage and received common stock worth $20,000 and 15-year bonds worth $80,000 with a par value of $80,000 andan interest coupon

Grant Labels incorporated his garage and received common stock worth $20,000 and 15-year bonds worth $80,000 with a par value of $80,000 andan interest coupon if 15 per cent compounded semiannually. The assets transferred were appreciated and the interest and principal were timely paid off.  

 a) does Grant recognize any gain on incorporation?


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