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Accounting

Maude exchanges a business machine for a new business machine. The adjusted basis of the old machine is $70,000 and the fair market value of the new machine is $62,000. The recognized gain or loss and the basis of the new machine is:

$0 and $0.

$0 and $62,000.

$0 and $70,000.

$8,000 and $70,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430952

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