Ibarra Carpet traded cleaning equipment with a cost of $27,000 and accumulated depreciation of $5,250 for new equipment with a fair market value of $14,500 . Assuming the exchange lacks commercial substance, Ibarra should record the new equipment at
a. $14,750.
b. $13,750.
c. $14,500.
d. $7,500.
C
Business
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What will be an ideal response?
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