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Wellmann, Inc. exchanged an old truck that cost $30,000 (now 50% depreciated) with a current fair value of $19,000 for equipment. Assume the exchange has

Wellmann, Inc. exchanged an old truck that cost $30,000 (now 50% depreciated) with a current fair value of $19,000 for equipment. Assume the exchange has commercial substance. In addition, Wellmann received cash of $6,000. What gain or loss should Wellmann record as part of the exchange transaction?

Loss of $10,000 Gain of $4,000 Gain of $10,000 Loss of $4,000

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