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Question - XYZ Company exchanged equipment used in its manufacturing operations for a similar piece of equipment used in the operations of ABC Corporation. The following information pertains to the exchange. The exchange lacks commercial substance.
ABC Company XYZ Company
Equipment (costs) $28,000 $34,000
Accumulated Depreciation 12,000 10,000
Fair Value of Equipment 27,500
Cash given up 6,000
Determine the Original Cost of the New Asset XYZ should report on their balance sheet as a result of this exchange as well as the gain or loss from the exchange, respectively.
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