Dennis realized gain on the exchange, Accounting Basics

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Dennis realized gain on the exchange

Dennis traded in computer equipment with an adjusted basis of $15,000 (and a value of $15,000) for other (like-kind) computer equipment then valued at $7,000. Dennis also received $8,000 in cash as part of the deal. What was Dennis's realized gain on the exchange, if any?

a. $15,000

b. $8,000

c. $7,000

d. $0

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Accounting Basics: Dennis realized gain on the exchange

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Accounting Basics: Dennis realized gain on the exchange

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Accounting Basics: Dennis realized gain on the exchange

Reference No:- TGS041556

Recent Questions Asked Accounting Basics

Q : Gain or loss related to transfer

Q : Principal financial statements of a corporation

Q : Determining the value of share

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Q : Dennis realized gain on the exchange

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