Walker Corporation exchanged land and $4,500 cash for material handling equipment. The land had a book value of $45,000 and a fair value of $58,000. Assume the exchange has commercial substance.
Required:
Prepare the journal entry to record the exchange.

Question

Quizplus · Accepted Answer

The Answer of Walker Corporation exchanged land and $4,500 cash for material handling equipment. The land had a book value of $45,000 and a fair value of $58,000. Assume the exchange has commercial substance.
Required:
Prepare the journal entry to record the exchange.

Walker Corporation Exchanged Land and $4,500 Cash for Material Handling