(Answered) j amp j exchanged an asset with a book value of 10000 and

Accounting

. J & J exchanged an asset with a book value of $10,000 and paid $1,000 in cash for a another asset from W & W Company with a book value of $10,300. The fair value of the given asset was $9,500 and the new asset was $10,500. Calculate the gain or loss to be recognized by J & J. Assume commercial substance.

$10,500
$9,500
$11,500
None of the above

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