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View Policies Current Attempt in Progress Equipment that cost $659000 and has accumulated depreciation of $289000 is exchanged for equipment with a fair value of

View Policies Current Attempt in Progress Equipment that cost $659000 and has accumulated depreciation of $289000 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 $272000 $191000 $81000 $50000

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