Kerry, Inc., exchanged land and cash of $9,000 for equipment. The land had a book value of $65,000 and a fair value of $71,000. 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 1 Record the exchange of assets. Note: Enter debits before credits Transaction General Journal Debit Credit Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $53,000 and $535,000. Required: Prepare journal entries to record the above transactions. (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