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The Book Value of an old asset is $40,000 (fair value $53,000). It is exchanged for a new asset and receives $8,000 of cash. What

The Book Value of an old asset is $40,000 (fair value $53,000). It is exchanged for a new asset and receives $8,000 of cash. What is the gain on the exchange (has comm substance)? Optional Answers: 1. $5,000 2. $13,000 3. $21,000 4. $22,000

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