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Z Corp. exchanged one of its old trucks, with a book value of $80,000, for a new truck; the transaction lacks commercial substance. The new
Z Corp. exchanged one of its old trucks, with a book value of $80,000, for a new truck; the transaction lacks commercial substance. The new truck has a fair value of $70,000 at the date of exchange. In addition, Z Corp received cash of $30,000. According to current GAAP, how much gain (loss) will Z corporation recognize at the date of exchange? O a loss of 6,000. O a gain of 6,000 O a gain of 20,000 it cannot be deterimined with the given information. a loss of 10,000
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