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Tanck Corporation exchanged equipment and cash of $12,000 for land. The equipment had a book value of $43,000 and a fair value of $57,000. Required:

Tanck Corporation exchanged equipment and cash of $12,000 for land. The equipment had a book value of $43,000 and a fair value of $57,000. Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance

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