Mary Co exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck with a current appraised value of $18,000. Mary Co gave the other company the piece of equipment, which had a fair value of $12,000 at the time of the exchange, and $10,000 cash. Mary Co should record
A) a $8,000 loss
B) a $4,000 loss
C) a $2,000 loss
D) a $2,000 gain
D
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