In a nonmonetary exchange of equipment, if the exchange has commercial substance, a gain is recognized if:
a. the fair value of the equipment received exceeds the book value of the equipment received.
b. the book value of the equipment received exceeds the fair value of the equipment given up.
c. the fair value of the equipment surrendered exceeds the book value of the equipment given up.
d. none of the above is correct.
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In a nonmonetary exchange of equipment, if the exchange has commercial substance, a gain is recogniz...
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