Waterway industries received $138000 in cash and a used computer with a fair value of $327000 from pharoah company for waterway industries's existing computer having a fair value of $465000 and an undepreciated cost of $437700 recorded on its books. the transaction has no commercial substance. how much gain should waterway recognize on this exchange, and at what amount should the acquired computer be recorded, respectively?
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Waterway industries received $138000 in cash and a used computer with a fair value of $327000 from p...
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