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Kerry, Inc., exchanged land and cash of $7,400 for equipment. The land had a book value of $49,000 and a fair value of $53,400. Required:

Kerry, Inc., exchanged land and cash of $7,400 for equipment. The land had a book value of $49,000 and a fair value of $53,400.

Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance.

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