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Which of the following would result in no gain or loss being recognized on the exchange of nonmonetary assets? Multiple Choice The fair value of

Which of the following would result in no gain or loss being recognized on the exchange of nonmonetary assets?

Multiple Choice

The fair value of the assets given equals the fair value of the assets received.

The fair value of the assets given equals the book value of the assets given.

The fair value of the assets given is less than the book value of the assets given, and the exchange lacks commercial substance.

All of the other answer choices are correct.

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