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Question 4 0/1 pts Desert Company is trading a machine which has an original cost of $60,180 and accumulated depreciation of $35,141 for a machine
Question 4 0/1 pts Desert Company is trading a machine which has an original cost of $60,180 and accumulated depreciation of $35,141 for a machine with a fair value of $18,199 and also received $10,000 cash. The exchange lacks commercial substance. What is the amount of gain or loss on the exchange Desert will report on its income statement? *round your answer to the nearest $1 **|f gain, make it a positive number: 1000. If loss, make it a negative number: -1000. 8,879
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