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Business, 12.12.2019 00:31 keagank

Gilly construction trades in an old tractor for a new tractor, receiving a $20,500 trade-in allowance and paying the remaining $61,500 in cash. the old tractor had cost $107,000 and had accumulated depreciation of $58,125. answer the following questions assuming the exchange has commercial substance.

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Gilly construction trades in an old tractor for a new tractor, receiving a $20,500 trade-in allowanc...

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