Connect Access Card For Intermediate Accounting
10th Edition
ISBN: 9781260481938
Author: David Spiceland, James Sepe, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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DC Co. exchanged equipment and $25,000 cash for similar equipment. The book value and fair value of the old equipment were $120,000 and $135,000, respectively. Assuming that the exchange has commercial substance, DC would record a gain/(loss) of __.
Please show me the valid approach to solving this financial accounting problem with correct methods.
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