LBG Co. had a sheet metal cutter that cost $72,000 on January 5, 1999. This old cutter had an estimated life of ten years and a salvage value of $12,000. On April 3, 2004, the old cutter is exchanged for a similar cutter (a similar asset) with a market value of $36,000. LBG Co. also received $9,000 cash. Assume that the last fiscal period ended on December 31, 2003, and that straight line depreciation is used.

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