Question: Exchange of Assets Use the same information as in E10-9, except that the warehouse owned by Denser has a fair value of$33,000, and therefore, Bristol

Exchange of Assets Use the same information as in E10-9, except that the warehouse owned by Denser has a fair value of$33,000, and therefore, Bristol agrees to pay Denver $3,000 to complete the exchange.
Required:
Assuming the transaction has commercial substance, prepare journal entries for Denver and Bristol to record the exchange.

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