[This is a variation of the previous exercise.] Required: Assume the same facts as in Exercise 10-16
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Required:
Assume the same facts as in Exercise 10-16 except that Bronco received $10,000 from the owner of the equipment to complete the exchange.
1. What is the fair value of the equipment?
2. Prepare the journal entry to record the exchange.
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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