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The Pipeline Company recently traded in a pick-up truck or a newer model truck. The old trucks book value was $1,000 (original cost of $13,000
The Pipeline Company recently traded in a pick-up truck or a newer model truck. The old trucks book value was $1,000 (original cost of $13,000 less $12,000 in accumulated depreciation) and its fair value was $800. Pipeline paid $14,000 to complete the exchange. The exchange has commercial substance.
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