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Kerry, Inc., exchanged land and cash of $8,800 for equipment. The land had a book value of $63,000 and a fair value of $68,800. Required:

Kerry, Inc., exchanged land and cash of $8,800 for equipment. The land had a book value of $63,000 and a fair value of $68,800. 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.)

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