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Hart Inc. exchanged a used machine with a book value of $48,000 and a fair...

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Accounting

Hart Inc. exchanged a used machine with a book value of $48,000 and a fair value of $60,000 for a used machine. At the same time, Hart also received $10,000 cash in the exchange. The exchange lacks commercial substance. At what amount should Hart record the machine received?

a. $36,000 b. $40,000 c. $45,000 d. $48,000

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