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A truck costs $50 when new and has accumulated depreciation of $25. ABC Company exchanges the truck for a new truck. The new truck has a market value of $70, and ABC pays cash of $40. Assume the exchange
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A truck costs $50 when new and has accumulated depreciation of $25. ABC Company exchanges the truck for a new truck. The new truck has a market value of $70, and ABC pays cash of $40. Assume the exchange has commercial substance. What is the result of this exchange

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