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  3. amachine cost $1,500,000, has annual depreciation

Amachine cost $1,500,000, has annual depreciation of $200.000, and has accumulated depreciation of $1,187.500 an...

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Accounting

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Amachine cost $1,500,000, has annual depreciation of $200.000, and has accumulated depreciation of $1,187.500 an April 1, 2021. On April 1, 2027, when the machine has a fair value of $343,750, it is exchanged for a machine with a fair value of $1,350,000 and the proper amount of cash is paid. The exchange had commercial substance. The gain to be recorded on the exchange is 10 $42.250 $23,000 $31.250

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