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Question - Company A exchanged used equipment for another equipment with a fair value of $23,000. The company also received cash of $3,000 in this exchange. The used equipment had a book value of $21,000 and a fair value of $25,500. Using this information, answer the following questions:
Required -
1. Does this transaction result in a loss or a gain for Company A?
2. What amount of loss/gain will the company recognize as a result of this transaction, if any?
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