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Space Tech Inc. exchanged land for similar land and received $18,000 cash for the exchange....

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Accounting

Space Tech Inc. exchanged land for similar land and received $18,000 cash for the exchange. The book value and the fair value of the old land were $82,000 and $90,000, respectively. Assuming that the exchange lacks commercial substance, Space would record a gain/(loss) of:

Group of answer choices None is correct. $8,000. $1,600. $800. $0.

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