Question: Davis Company exchanged an old machine with a book value of $39,000 and a fair market value of $35,000, and paid $10,000 cash for a

Davis Company exchanged an old machine with a book value of $39,000 and a fair market value of $35,000, and paid $10,000 cash for a similar new machine. At what amount should Davis Company record the new machine on their books and what amount of gain/loss should the company record for the old asset that was exchanged? E) None of the above. A B C D None of the above

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