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Peanut Corporation exchanged land and cash of $6,500 for equipment. The land had a book value of $45,000 and a fair value of $34,000. Assume the exchange has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits. Transaction Credit General Journal Equipment Loss on exchange of assets Cash Land Debit 40,500 11,000 6,500 45,000 Record entry Clear entry View general journal