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Below is information relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance. Old Equipment Cash Book Value

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Below is information relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance. Old Equipment Cash Book Value Fair Value Paid Case A $50,000 $60,000 $15,000 Case B $40,000 $35,000 $8,000 Required: Prepare the journal entry to record the exchange in Case A

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