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Nabokov Company exchanges assets with Faulkner Company. Nabokov exchanges equipment with a historical cost of $45,000 and accumulated depreciation to-date of $20,000 and fair market value of $40,000 for Faulkner's land with a cost of $7, 500 and fair market value of $36,000. Faulkner also paid Nabokov $2,000 in cash Required: Prepared the related journal entry Nabokov Company would use to record the cost of the land acquired and any gain or loss on the exchange