A truck that cost $55,000 and has accumulated depreciation of $25,000 is exchanged for equipment...
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Accounting
A truck that cost $55,000 and has accumulated depreciation of $25,000 is exchanged for equipment that has a fair value of $40,000. Cash of $10,000 is also received. Question 1: the gain or loss to be recognized from the exchange is Question 2: The new equipment should be recorded at a) 30,000 b) 40,000 c) 50,000 d) None of the above, the answer is____
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