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Tatum refrigeration company trades in an old machine on a

1. Tatum Refrigeration Company trades in an old machine on a new model when the fair market value of the old machine is greater than its book value. The transaction has commercial substance. Should Tatum recognize a gain on disposal? If the fair market value of the old machine is less than its book value, should Tatum recognize a loss on disposal?

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Accounting Basics: Tatum refrigeration company trades in an old machine on a

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