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Wildhorse Company exchanged equipment that cost $66700 and has accumulated depreciation of $32400 for equipment with a fair value of $50600 and received $13400

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Wildhorse Company exchanged equipment that cost $66700 and has accumulated depreciation of $32400 for equipment with a fair value of $50600 and received $13400 cash. The exchange lacked commercial substance. The gain to be recognized from the exchange is O $18200 gain. $6218 gain. $23000 gain. $4800 gain.

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