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a. $325,000
b. $370,000
c. $275,000
d. $245,000
3. On January 1, a business exchanged a plant asset with a cost of
$18,000 and accumulated depreciation of $16,500 for a similar asset
that had a list price of $23,000. The business received a trade-in
allowance of $2,100 on the old plant asset. What was the result of the
exchange?
a. A $600 gain on the disposal of a plant asset.