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What is recognized from the exchange

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Question - Equipment that cost $30,000 and has accumulated depreciation of $12,000 is exchanged for similar equipment with a fair value of $24,000. The old machine has a fair value of $17,500. In addition, $5,000 cash is paid for the new equipment. Assume there is commercial substance. What is recognized from the exchange?

Reference no: EM133096974

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