(Answered) Question - nabokov company exchanges assets with faulkner

Accounting

Question - Nabokov Company exchanges assets with Faulkner Company. Nabokov exchanges equipment with a book value of $25,000 and fair market value of $40,000 for Faulkner's land with a cost of $7,500 and fair market value of $38,000. Faulkner also paid Nabokov $2,000 in cash. Compute Nabokov's cost of the land acquired and any gain or loss on the exchange.

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