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Which of the would be correct for bonita to record in case

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Reference no: EM132568491

Below is the information relative to an exchange of assets by Bonita Industries. The exchange lacks commercial substance.

Old Equipment           Book Value          Fair Value      Cash Paid       Case

I                              $441000               $519000          $84500        Case

II                                $305500               $271500                   $41600

Question 1: Which of the following would be correct for Bonita to record in Case I?

Record Equipment at:Record a gain (loss) of:

a)$525500            $78000

b)$525500                $0

c)$603500             $78000

d)$441000                 $(34000)

Reference no: EM132568491

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