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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
Do has commercial and lacks commercial substance please using the same template as first pic
None
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