Kerry, Inc, exchanged land and cash of $7,900 for equipment. The land had a book value of $54,000 and a fair value of $58,900 Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal