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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Equipment was acquired for $258,000 and has accumulated depreciation of $194,000. The business exchanges this equipment for new equipment.  The new equipment has a market value of $202,000 and the business pays $153,000 cash.  Assume the exchange has commercial substance.  The exchange results in ________.
A) gain $15,000
B) loss $138,000
C) gain $138,000
D) loss $15,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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7 years ago
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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#3
7 years ago
Happy to help Smiling Face with Open Mouth
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