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Multiple Choice Question 110 Equipment that cost $660000 and has accumulated depreciation of $314000 is exchanged for equipment with a fair value of $480000 and

Multiple Choice Question 110 Equipment that cost $660000 and has accumulated depreciation of $314000 is exchanged for equipment with a fair value of $480000 and $120000 cash is received. The exchange lacked commercial substance. The gain to be recognized from the exchange is

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