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David exchanges business land (Cost $32,000) for other business land (FMV $70,000) and marketable securities...

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Accounting

David exchanges business land (Cost $32,000) for other business land (FMV $70,000) and marketable securities (FMV $20,000). What is David's recognized gain/loss on the exchange of the land? a. $57,000 b. $20,000 C. $90,000 d. $58,000

Answer is B. Need explanation

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