Unruh Refrigeration Company trades in an old machine on a
Unruh Refrigeration Company trades in an old machine on a new model when the fair value of the old machine is greater than its book value. The transaction has commercial substance. Should Unruh recognize a gain on disposal of plant assets? If the fair value of the old machine is less than its book value, should Unruh recognize a loss on disposal of plant assets?

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