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A company owns a piece of land that originally cost $10,000 and has a fair market value of $8,000. It is exchanged along with $5,000
A company owns a piece of land that originally cost $10,000 and has a fair market value of $8,000. It is exchanged along with $5,000 cash for another piece of land having a fair value of $13,000. The exchange had commercial substance. The proper journal entry to record this transaction is
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
