Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land

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Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land for $37,000. The new land had a fair market value of $39,500. Arlington also received $11,000 of office equipment in the transaction.

What is Arlington's gain or loss recognized on the exchange?

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Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

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Posted Date: May 17, 2022 07:37 AM

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Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land

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Financial Accounting

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