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Please show all work 9. P2P Co. exchanged equipment and received $7,000 cash for similar equipment. The book value and the fair value of the

Please show all work
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9. P2P Co. exchanged equipment and received $7,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively. Assuming that the exchange has commercial substance, P2P Co., record the journal entry of the exchange (4 points)

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