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Sandhill Company exchanged equipment that cost $69000 and has accumulated depreciation of $33700 for equipment with a fair value of $51700 and received $12900 cash.

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Sandhill Company exchanged equipment that cost $69000 and has accumulated depreciation of $33700 for equipment with a fair value of $51700 and received $12900 cash. The exchange lacked commercial substance. The gain to be recognized from the exchange is $18000gain.$5851gain.$23100gain.$5100gain

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