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Exchange of Nonmonetary Assets The company exchanged a piece of land for a new piece of equipment. The equipment has a list price of $100,000,

Exchange of Nonmonetary Assets

The company exchanged a piece of land for a new piece of equipment. The equipment has a list price of $100,000, and the land has a historical cost of $35,000. The land has a current market value of $93,000.

Make the journal entry necessary to record the exchange. If an amount box does not require an entry, leave it blank.

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