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What is the correct debit and credit journal entries? Also the account names say old or new, if your response could include the correct account
What is the correct debit and credit journal entries?
Also the account names say old or new, if your response could include the correct account names that would be perfect.
Chapter 10 Homework i 2 Exercise 10-17 (Algo) Nonmonetary exchange [LO10-6] The Bronco Corporation exchanged land for equipment. The land had a book value of $128,000 and a fair value of $166.000. Bronco received $18.000 from the owner of the equipment to complete the exchange which has commercial substance. 0.3 points Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 References 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 1 Record the exchange of assets Note: Enter debits before credits. Debit Transaction General Journal Credit Equipment- new 146,000 1 128,000 Land old 18,000 Cash Record entry Clear entry View general journal
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