Kerry, Inc., exchanged land and cash of $7,700 for equipment. The land had a book value of $52,000 and a fair value of $56,.700. Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. (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. Hote: Enter debits befera ciedis. Transaction General Journal Debit Credi

Kerry, Inc., exchanged land and cash of $7,700 for equipment. The land had a book value of $52,000 and a fair value of $56,.700. Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. (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. Hote: Enter debits befera ciedis. Transaction General Journal Debit Credi

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.6: Buying Intangible Assets And Calculating Amortization Expense

Problem 1WT

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