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Determine gain or loss from the exchange

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Reference no: EM132962007

Question - Pink Inc. exchanges old equipment that cost $22,000 (accumulated depreciation of $10,000) for new equipment. The fair value of the new equipment is $17,600.

Determine gain or loss from the exchange and prepare the entry to record acquisition of the new equipment under each of the following separate cases. ()

a. Transaction has commercial substance. No cash is involved.

b. Transaction has commercial substance. Cash of $7,600 is paid by Pink.

c. Transaction has commercial substance. Cash of $4,400 is received by Pink.

Reference no: EM132962007

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