Proper journal entry to record the transaction, Accounting Basics

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Proper journal entry to record the transaction

A company owns a piece of land that originally cost $10,000 and has a fair market value of $8,000. It is exchanged along with $5,000 cash for another piece of land having a fair value of $13,000. The exchange had commercial substance. The proper journal entry to record this transaction is ??

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Accounting Basics: Proper journal entry to record the transaction

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Accounting Basics: Proper journal entry to record the transaction

Reference No:- TGS062633

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: Proper journal entry to record the transaction

Reference No:- TGS062633

Recent Questions Asked Accounting Basics

Q : Hybid

Q : Data flow diagram

Q : Holders of the bonds for interest

Q : Tax consequences of the transactions

Q : Proper journal entry to record the transaction

Q : Noncurrent operating asset

Q : Relevant preliminary analytical procedures

Q : Total research and development costs

Q : Presentation to a national capital market regulator

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