Below is information relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance. Old Equipment Cash Book Value Fair value PaidCase A $50,900 59,600 $15,000 Case B $39,900 $35,200 8,300 In Case B, Grand Forks would record a gain / (loss) of: a. $ (3,600). b. $ 3,600.
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