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Minty Inc. exchanged a large warehouse ( fair value of $ 1 , 3 0 0 , 0 0 0 ; original cost of $

Minty Inc. exchanged a large warehouse (fair value of $1,300,000; original cost of $2,000,000; accumulated depreciation of $950,000) for a warehouse that belonged to Green Ltd. The warehouse from Green has a fair value of $1,400,000, original cost of $2,600,000, and accumulated depreciation of $1,450,000. All amounts have been updated to the date of the exchange. In addition to the equipment, Green paid Minty $50,000 as part of the exchange.
Required:
Prepare the journal entry for Minty Inc., assuming that the exchange lacks commercial substance.

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