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Question - DoDirty Company exchanged its blue van with the red van of The Bold Sea Nash Corporation. The vans are of the same model and age.
DoDirty
The Bold Sea Nash
Cost
500,000
800,000
Accumulated Depreciation
200,000
350,000
Fair Value
280,000
460,000
Required -
1. How much gain or loss should DoDirty record for the exchange?
2. How much gain or loss should The Bold Sea Nash record for the exchange?
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