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How much gain should company a record in the exchange

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Reference no: EM133152418

Question - Company A owns a moving van that originally cost $72,000 and currently has $26,000 of accumulated depreciation. In exchange for the van, Company A received a smaller moving van from Company B with a fair value of $43,000. Company A also received cash of $16,000 in the exchange. The exchange lacks commercial substance. How much gain should Company A record in the exchange?

Reference no: EM133152418

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