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Arizona Pharmacueticals exchanged laser equipment with a book value of $70,000 and a fair value of $75,000 for the newer model of laser equipment. In

Arizona Pharmacueticals exchanged laser equipment with a book value of $70,000 and a fair value of $75,000 for the newer model of laser equipment. In addition to the old equipment, $90,000 cash was given. Please display the proper journal entries from Arizona pharmaceuticals' point of view.

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