Question: Miley Corp. exchanges old equipment that costs $ 1 0 , 0 0 0 ( accumulated depreciation of $ 4 , 5 0 0 )

Miley Corp. exchanges old equipment that costs $10,000(accumulated depreciation of $4,500) for new equipment. The fair value of the new equipment is $8,000. The fair value of the old equipment cannot be reliably estimated.

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