Business, 26.12.2019 22:31 iBrain

Equipment that cost $387,400 and has accumulated depreciation of $312,900 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. the exchange lacked commercial substance.
a) calculate the gain to be recognized from the exchange.

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Equipment that cost $387,400 and has accumulated depreciation of $312,900 is exchanged for equipment...