On February 1, 2022, Pepita Co. exchanged land and $9,000 cash for equipment. The book value and the fair value of the l

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answerhappygod
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On February 1, 2022, Pepita Co. exchanged land and $9,000 cash for equipment. The book value and the fair value of the l

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On February 1, 2022, Pepita Co. exchanged land and $9,000 cash
for equipment. The
book value and the fair value of the land were $106,000 and
$90,000, respectively.
Assuming that the exchange has commercial substance. Journalize the
land exchange
on February 01, 2022.
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