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What the cost of the new office equipment would be recorded

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Question - A company exchanges its old office equipment and $80,000 for new office equipment. The old office equipment has a book value of $56,000 and a fair value of $40,000 on the date of the exchange. What the cost of the new office equipment would be recorded?

a. $120,000.

b. $96,000.

c. $136,000.

d. Cannot be determined.

Reference no: EM133027302

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