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Nelsons Delivery is trading in a used truck that originally cost $90,000 and had $41,300 in accumulated depreciation for a new truck with a fair
Nelsons Delivery is trading in a used truck that originally cost $90,000 and had $41,300 in accumulated depreciation for a new truck with a fair value of $66,000 and cash of $7,500 received. How much gain should be recorded from this non-monetary exchange if the transaction has commercial substance?
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