Mike corporation exchanged land and cash of 6500 for
Question - Mike 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.
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question - mike corporation exchanged land and cash of 6500 for equipment the land had a book value of 45000 and a fair
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