Trade-ins are treated as sales of assets for accounting purposes. Explain the difference in treatment when the trade-in of an asset results in a gain and the treatment when the trade-in of an asset results in a loss.

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The Answer of Trade-ins are treated as sales of assets for accounting purposes. Explain the difference in treatment when the trade-in of an asset results in a gain and the treatment when the trade-in of an asset results in a loss.

Trade-Ins Are Treated as Sales of Assets for Accounting Purposes