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Popovich Corp. exchanges a machine with an original cost of $571,000 and accumulated depreciation of $300,000 for a new machine with a fair value of

Popovich Corp. exchanges a machine with an original cost of $571,000 and accumulated depreciation of $300,000 for a new machine with a fair value of $260,000 and $13,500 cash. The exchange has commercial substance. What amount of gain or loss should Popovich report? Enter a gain as a positive number or a loss as a negative number

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