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Required - assuming commercial substance provide the

Question - In 2017, Company A and Company B exchanged parcels of farmland. To complete the exchange, Company B paid Company A $150,000 cash. Information about the exchange is included below

Company A's Land Company B's Land

Fair Market Value $500,000 $350,000

Original Cost $400,000 $190,000

Required - Assuming commercial substance, provide the journal entry Company B would make to reflect the exchange.

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Accounting Basics: Required - assuming commercial substance provide the

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