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Lewis Company traded machinery with a book value of $190,000 and a fair market value of $180,000. It received in exchange from Tommons Company a machine with a fair value of $200,000. Lweis also paid csh of $20,000 in the exchange. Timmon's machine has a book value of $190,000. What amount of gain or loss should Lewis recognize on the exchange?

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Category:- Accounting Basics
Reference No.:- M9100725

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