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At what amount should the acquired computer be recorded

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Question

Crane Company received $147000 in cash and a used computer with a fair value of $357000 from Wildhorse Co. for Crane Company's existing computer having a fair value of $504000 and an undepreciated cost of $472800recorded on its books. The transaction has no commercial substance.

How much gain should Crane recognize on this exchange, and at what amount should the acquired computer be recorded, respectively?

Reference no: EM132316642

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