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Testbank Multiple Choice Question 110 Equipment that cost $674000 and has accumulated depreciation of $293000 is exchanged for equipment with a fair value of $480000

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Testbank Multiple Choice Question 110 Equipment that cost $674000 and has accumulated depreciation of $293000 is exchanged for equipment with a fair value of $480000 and $120000 cash is received. The exchange lacked commercial substance. The gain to be recognized from the exchange is $88000 $187000 $52200 $275000 O

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