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In an exchange with commercial substance, Lour Company traded equipment with a cost of $8,000 and book value of $4,000 and gave 200 cash. The
In an exchange with commercial substance, Lour Company traded equipment with a cost of $8,000 and book value of $4,000 and gave 200 cash. The old machine had a fair value of $3,500. What is the amount of gain/loss that Lour should record as a result of the exchange ?
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