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What is the amount of gain belmont should recognize

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Question 1: In December, Belmont Bottling company exchanged an old bottling machine which cost 60000 and had accumulated depreciation of 40000 for a similar used machine having a current fair value of 25000. Belmont also received 7000 cash in the exchange. The exchange lacks commercial substance. What is the amount of gain belmont should recognize on this exchange?

Reference no: EM132506580

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