Question: I need assistance with this general accounting question using appropriate principles. Brighton Industries exchanged equipment and $5,000 cash for similar new equipment. The book value

I need assistance with this general accounting question using appropriate principles.

Brighton Industries exchanged equipment and $5,000 cash for similar new equipment. The book value of the old equipment was $55,000, and its fair market value was $68,000. The exchange has commercial substance. Calculate the value of new equipment to be recorded and any gain or loss on the exchange

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