Business, 15.04.2020 04:04, Nov25

Equipment that cost $660,000 and has accumulated depreciation of $300,000 is exchanged for equipment with a fair vlaue of $480,000 and $120,000 cash is received. The exchange lacked commercial substance.

The new equipment should be recorded at .

a. $480,000.b. $360,000.c. $300,000.d. $288,000.

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Equipment that cost $660,000 and has accumulated depreciation of $300,000 is exchanged for equipment...