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Two independent companies, Denver and Bristol, each own a warehouse, and Denver agrees to pay Bristol $2,000 to complete the exchange. The following information for

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Two independent companies, Denver and Bristol, each own a warehouse, and Denver agrees to pay Bristol $2,000 to complete the exchange. The following information for the two warehouses is available: Denver Bristol Cost $90,000 $47,000 Accumulated depreciation 50,000 20,000 Fair value 33.000 35,000 Required: Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange

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