Question: Question 9 (3 points) In a nonmonetary asset exchange, Baylor traded a machine that cost $66,000 and has accumulated depreciation of $30,000 in exchanged for

Question 9 (3 points) In a nonmonetary asset exchange, Baylor traded a machine that cost $66,000 and has accumulated depreciation of $30,000 in exchanged for equipment with a fair value of $50,000. Baylor also paid $8,000 cash in the transaction. What is the fair value of the machine (i.e., PPE given up) on the day of exchange? $44,000 $58,000 $42,000 $28,000

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