Peanut Corporation exchanged land for a front-end loader and cash of - 13413

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yousafbhutta

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Peanut Corporation exchanged land for a front-end loader and cash of $6,500. The land had a book value of $45,000 and a market value of $34,000. Assume the exchange has commercial substance.

Required:
Prepare the journal entry to record the exchange.

 

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