Use the following information for questions 110 and 111.
Equipment that cost $220,000 and has accumulated depreciation of $100,000 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance.
-The new equipment should be recorded at

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The Answer of Use the following information for questions 110 and 111.
Equipment that cost $220,000 and has accumulated depreciation of $100,000 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance.
-The new equipment should be recorded at

Use the Following Information for Questions 110 and 111