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Ourboard Marina exchanged a boat with a cost of $20,000 (now 75% depreciated) for a...

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Accounting

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Ourboard Marina exchanged a boat with a cost of $20,000 (now 75% depreciated) for a similar boat with a current fair value of $7,000. No boot was paid or received. Outboard should recorde the new boat at a. $5,000 b. $15,000 c. $7,000 d. $20,000

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