Question: Current Attempt in Progress * Your answer is incorrect. Sunland Manufacturing has equipment that cost $765600 and has accumulated depreciation of $348000. When the

Current Attempt in Progress * Your answer is incorrect. Sunland Manufacturing has equipment that cost $765600 and has accumulated depreciation of $348000. When the equipment has a fair value of $696000, it is exchanged for equipment with a fair value of $556800 and $139200 cash is received. The exchange lacked commercial substance. The new equipment should be recorded at $556800. $278400. $334080. $348000.

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