Question
Dreyer received equipment and $6,000 in cash in exchange for land. The transaction lacks commercial substance. The book value and the fair value of the
Dreyer received equipment and $6,000 in cash in exchange for land. The transaction lacks commercial substance. The book value and the fair value of the land were $80,000 and $98,000, respectively. What journal entry would Dreyer need to make to record the transaction?
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
