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May i know how to calcute gain or loss ? Equipment was acquired for $204,000 and has accumulated depreciation of $88,000. The business exchanges this

image text in transcribed May i know how to calcute gain or loss ?

Equipment was acquired for $204,000 and has accumulated depreciation of $88,000. The business exchanges this equipment for new equipment. The new equipment has a market value of $302,000 and the business pays $56,000 cash. Assume the exchange has commercial substance. The exchange results in

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