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Prepare the entry for the exchange

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Question - Equipment that cost SAR80,000 and has accumulated depreciation of SAR43,000 is exchanged for equipment with a fair value of SAR32,000 and SAR8,000 cash is received. The exchange has commercial substance.

Required -

(a) Show the calculation of the gain to be recognized from the exchange.

(b) Prepare the entry for the exchange.

Reference no: EM133072285

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