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In a Nonmonetary Exchange of Equipment, If the Exchange Has

Question 45

Multiple Choice

In a nonmonetary exchange of equipment, if the exchange has commercial substance, a gain is recognized if:


A) The fair value of the equipment received exceeds the book value of the equipment received.
B) The book value of the equipment received exceeds the fair value of the equipment surrendered.
C) The fair value of the equipment surrendered exceeds the book value of the equipment surrendered.
D) None of these is correct.

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