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Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. old Equipment Book Value Fair Value $75,000 $

Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. old Equipment Book Value Fair Value $75,000 $ 80,000 $60,000 $56,000 Cash Received $ 12,000 $10,000 Equipment A Equipment B For Equipment A, Pensacola would record the new equipment at

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