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What is the loss that should be recorded on this exchange

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Question - Happy Sailing Company exchanged an old sailboat for a new one. The old sailboat had a cost of $160,000 and accumulated depreciation of $80,000. The fair market value of the old sailboat was $42.000. The company paid $200,000 in addition to the old sailboat to acquire the new sailboat. If this transaction has commercial substance, what is the loss that should be recorded on this exchange?

Reference no: EM132826400

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