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Cathy exchanged her computer system costing 4000 in this

Question - Cathy exchanged her computer system costing $ 4000, book value $1500, FMV of $ 2000 for a used auto costing $ 5000, book value of $ 2500, FMV $ 2800. In addition, she paid boot of $ 500. In this dealer to dealer exchange, at what amount should Cathy record her auto?

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Accounting Basics: Cathy exchanged her computer system costing 4000 in this

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