Business, 26.11.2019 22:31 jkemail19

Equipment that cost $394,900 and has accumulated depreciation of $310,300 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. the exchange lacked commercial substance.

a) calculate the gain to be recognized from the exchange.

b) prepare the entry for the exchange. show a check of the amount recorded for the new equipment.

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Equipment that cost $394,900 and has accumulated depreciation of $310,300 is exchanged for equipment...

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