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Ford Inc. exchanged land and $5,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000.

  1. Ford Inc. exchanged land and $5,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000. Assume the exchange has commercial substance. Required: Prepare the journal entry to record the exchange.

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