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In a nonmonetary exchange of equipment, if the exchange has commercial substance, a loss is recognized if: the fair value of the equipment received exceeds

In a nonmonetary exchange of equipment, if the exchange has commercial substance, a loss is recognized if: the fair value of the equipment received exceeds the book value of the equipment received the book value of the equipment received exceeds the fair value of the equipment given up the fair value of the equipment surrendered exceeds the book value of the equipment given up the book value of the equipment surrendered exceeds the fair value of the equipment given up

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