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Sheffield Corp. traded machinery with a book value of $1044300 and a fair value of $1770000. It received in exchange from Pharoa Company a

Sheffield Corp. traded machinery with a book value of $1044300 and a fair value of $1770000. It received in exchange from Pharoa Company a machine with a fair value of $1593000 and cash of $177000. Pharoah's machine has a book value of $1688580. What amount of gain should Sheffield recognize on the exchange (assuming lack of commercial substance)?

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