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Business, 06.07.2021 23:00 BluHope19

A machine cost $1320000, has annual depreciation of $220000, and has accumulated depreciation of $1045000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $302500, it is exchanged for a machine with a fair value of $1485000 and the proper amount of cash is paid. The exchange had commercial substance. The gain to be recorded on the exchange is

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A machine cost $1320000, has annual depreciation of $220000, and has accumulated depreciation of $10...
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