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New equipment with a market value of $15,000 is purchased by exchanging old equipment with a book value of $10,000 along with cash of $8,000.
New equipment with a market value of $15,000 is purchased by exchanging old equipment with a book value of $10,000 along with cash of $8,000. The debit to Loss on Exchange of Assets is:
- $8,000
- $7,000
- $5,000
- $3,000
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