TRADE-IN OF DISSIMILAR ASSETS. Garrison Products traded some land that it had acquired several years ago for
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TRADE-IN OF DISSIMILAR ASSETS. Garrison Products traded some land that it had acquired several years ago for a conveyor system for its warehouse. The land had cost $30,000 and had a fair value when traded of $75,000. Garrison also paid the conveyor manufacturer $39,000.
REQUIRED:
1. Make the entry in Garrison’s journal to record this transaction.
2. Did you record a gain on the disposal of the land? Why?
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