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What amount of loss or gain will the company recognize

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Question - Company A exchanged used equipment for another equipment with a fair value of $23,000. The company also received cash of $3,000 in this exchange. The used equipment had a book value of $21,000 and a fair value of $25,500. Using this information, answer the following questions:

Required -

1. Does this transaction result in a loss or a gain for Company A?

2. What amount of loss/gain will the company recognize as a result of this transaction, if any?

Reference no: EM132740910

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