Hexaco corp. exchanged a piece of land that was being held for investment purposes for an oil rig that it will use in its drilling operations. the land had a carrying value of $230,000 and a fair value of $250,000 on the date of the exchange. the oil rig received in exchange had a fair value of $200,000 and, as a result, hexaco received an additional $50,000 in cash in the transaction. how much gain, if any, will hexaco recognize on the exchange?
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Hexaco corp. exchanged a piece of land that was being held for investment purposes for an oil rig th...
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