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Traded in old office equipment with book value of $ 3 0 , 0 0 0 ( cost of $ 1 0 8 , 0

Traded in old office equipment with book value of $ 30,000(cost of $ 108,000 and accumulated depreciation of $ 78,000) for new equipment. Zora Corporation also paid $ 60,000 in cash. Fair value of new equipment is $ 94,000. Assume the exchange had commercial substance

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