Question: Blitzen Inc. owns equipment with a book value of $4,000 (cost $16,000 and accumulated depreciation $12,000) the fair value of the equipment was $10,000 when Blitzen exchanged it for similar equipment with a fair value of $8,000 plus $2,000 (cash is received by Blitzen) The transaction lacks commercial substances. Show all computations.
How much is the total gain or loss REALIZED on this exchange.
How much of this gain or loss should be recognized.
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