Question: Answer the given question. Compute for the gain on exchange. * 1 point ABC Co. exchanged equipment with XYZ, Inc. Pertinent data are shown below:

Answer the given question.

Compute for the gain on exchange. * 1 point ABC Co. exchanged equipment with XYZ, Inc. Pertinent data are shown below: ABC Co. XYZ, Inc. Equipment 1,000,000 2,000,000 Accumulated depreciation 200,000 800,000 Carrying amount 800,000 1,200,000 Fair value 950,000 1,100,000 Cash paid by ABC Co. to XYZ, Inc. 150,000 150,000 O 150,000 100,000 Oo 300,000 27 C ~

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