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Q 4 Equipment that cost $80,000 and has accumulated depreciation of $43,000 is exchanged for...

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Question

Accounting

Q 4 Equipment that cost $80,000 and has accumulated depreciation of $43,000 is exchanged for equipment with a fair value of $32,000 and $8,000 cash is received. The exchange has commercial substance.

Instructions

(a) Show the calculation of the gain to be recognized from the exchange. [1 point]

(b) Prepare the entry for the exchange. [1 point]

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