Concord Co. had a sheet metal cutter that cost $108,000 on january 5,2016. this old...
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Concord Co. had a sheet metal cutter that cost $108,000 on january 5,2016. this old cutter had an estimated life of ten years and a salvage value of $18,000. On April 3,2021, the old cutter is exchanger fir a new cutter with a fair value of $60,000. the exchange lacked commercial substance. Concord also received $15,000 cash. Assume that the last fiscal period ended on December 31,2020, and that straight -line depreciatiin is used. calculate the gain or loss to be recognized by Concord Co.
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