Ford Inc. exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000. Assume the exchange has commercial substance.
Required:
Prepare the journal entry to record the exchange.

Question

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The Answer of Ford Inc. exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000. Assume the exchange has commercial substance.
Required:
Prepare the journal entry to record the exchange.

Ford Inc Exchanged Land and $7,500 Cash for Material Handling Equipment