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fair value was $220,000. Cedric paid $62,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If

fair value was $220,000. Cedric paid $62,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits

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