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Little Cindy-Lou Who Incorporated exchanged land and paid $22,000 cash for new equipment. The book value of the land was $82,000 and the fair value

Little Cindy-Lou Who Incorporated exchanged land and paid $22,000 cash for new equipment. The book value of the land was $82,000 and the fair value of the land was $95,000 at the time of the exchange. The exchange has commercial substance. The amount at which Little Cindy-Lou would record the new equipment in her accounting records is:

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