Kerry, Incorporated, 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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the exchange of assets.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,]]$