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There are two answers based on an assumption.
d) Lucia has no recognized gain (Assuming: In case the books showed balance of $500,000 against the equipment).i.e the fair value of the equipment is already recorded as a gain.
e) None of the above, Lucia would have recognized in the books a gain of $400,000 (Assuming: In case the books showed balance of $100,000 against the equipment).i.e by recognizing the other items fair value and reversing the mortgage, Lucia would have made a gain of $400,000.
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