Kerry, Incorporated, exchanged land and cash of $7,200 for equipment. The land had a book value of $47,000 and a fair value of $51,200. Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. Note: 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 1 General Journal Debit Credit Record entry Clear entry View general journal >