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2. Purple, Inc., owns a delivery truck which initially cost $60,000. After depreciation of $40,000 had been deducted, the truck was traded-in on a new truck that cost $60,000. Purple was required to pay the car dealer $20,000 in cash. Purple recognize any gain or loss? What is Purple’s basis for the new truck?

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Accounting 2 Months Ago 61 Views
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