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Sheridan Company traded machinery with a book value of $ 9 6 8 7 6 0 and a fair value of $ 8 9 7
Sheridan Company traded machinery with a book value of $ and a fair value of $ It received in exchange from Carla Vista Co a machine with a fair value of $ Sheridan also paid cash of $ in the exchange. Carla Vista's machine has a book value of $ What amount of gain or loss should Sheridan recognize on the exchange assuming lack of commercial substance
$ loss
$
$ gain
$ loss
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