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Cindy's Ceramics engaged in a like-kind exchange that resulted in a $3,000 gain. In addition to the like-kind property received in the transaction, Cindy also received $5,000 cash. Cindy will have to recognize $

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Answer:

$3,000

Explanation:

Data provided in the question

Gain received while exchanged = $3,000

Received cash = $5,000

Based on the above information, the Cindy recognize the gain i.e $3,000 which is received while exchanged it

Therefore in the given case, the Cindy have to recognize the gain for $3,000

The cash amount received should be ignored

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