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Test: CPA Financial Accounting and Reporting (FAR)
1. | On January 2, Year 1, a company buys a piece of equipment for $50,000 with a 10 year life and a residual value of $8,000. It is depreciated using the straight line method. On July 1, Year 4, the equipment is worth $44,000 and is traded for a van worth $46,000. What amount of gain is recognized on this exchange? |
$0
$10,700
$2,000
$8,700
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