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What amount of gain-loss should the company record

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Question - Davis Company exchanged an old machine with a cost of $120,000, total accumulated depreciation of $70,000, and a fair market value of $45,000 for a similar new machine. In addition to the trade in of the old machine Davis Company also paid $20,000 cash. What amount of gain/loss should the company record for the old asset that was exchanged?

Reference no: EM133135853

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