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How much gain or loss should dodirty record for the exchange

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Reference no: EM132800759

Question - DoDirty Company exchanged its blue van with the red van of The Bold Sea Nash Corporation. The vans are of the same model and age.

 

DoDirty

The Bold Sea Nash

Cost

500,000

800,000

Accumulated Depreciation

200,000

350,000

Fair Value

280,000

460,000

Required -

1. How much gain or loss should DoDirty record for the exchange?

2. How much gain or loss should The Bold Sea Nash record for the exchange?

Reference no: EM132800759

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