Prepare the journal entry to record the exchange


Question:

Mike Corporation exchanged land and cash of $6,500 for equipment. The land had a book value of $45,000 and a fair value of $34,000. Assume the exchange has commercial substance.

Required:

Prepare the journal entry to record the exchange.

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Accounting Basics: Prepare the journal entry to record the exchange
Reference No:- TGS02054544

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