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Find the amount of gain or loss that should be recognized

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Reference no: EM132769028

Question - Rory City traded in a used pickup for a new pickup truck with a sticker price of $44,000. The old pickup had a fair value of $26,000, historical cost of $47,000, and accumulated depreciation of $18,000. The dealer took the old truck and $15,000 for the new truck. The amount of gain or loss that should be recognized on this transaction in the general fund financial statements is:

a. $0.

b. $1,000 loss.

c. $4,000 gain.

d. $15,000 loss.

Reference no: EM132769028

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