Exchange of assets in the amounts of, Accounting Basics

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Exchange of assets in the amounts of

Question: Beacon Inc. exchanged land and cash of $4100 for similar land. The book value and the fair value of the land were $89,800 and $100,100, respectively. Assuming that the exchange has commercial substance, the company would record land-new and a gain/(loss) on the exchange of assets in the amounts of:

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Accounting Basics: Exchange of assets in the amounts of

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Accounting Basics: Exchange of assets in the amounts of

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