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please explain in detail how to arrive at gain or loss. thank you! LO 10.3 Nabokov Company exchanges assets with Faulkner Company. Nabokov exchanges equipment
please explain in detail how to arrive at gain or loss. thank you! LO 10.3 Nabokov Company exchanges assets with Faulkner Company. Nabokov exchanges equipment with a book value of $25,000 and fair market value of $40,000 for Faulkner's land with a cost of $7,500 and fair market value of $38,000. Faulkner also paid Nabokov $2,000 in cash. Compute Nabokov's cost of the land acquired and any gain or loss on the exchange
please explain in detail how to arrive at gain or loss. thank you!
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