Question: Wolf computer exchanged a machine with a book value of 40,000 and a fair value of 35000 for a patent. In addition, Wolf recieved 6000

Wolf computer exchanged a machine with a book value of 40,000 and a fair value of 35000 for a patent. In addition, Wolf recieved 6000 as part of the exchange. wolf should recongize:

No gain or loss

a gain of 1000

a loss of 5000

a loss of 11000

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