Question: QUESTION 3 C D E QUESTION 3 On March 1, 2022, Harold Company completed the following exchanges: 1. Exchanged land and cash of $8,000

QUESTION 3 C D E QUESTION 3 On March 1, 2022, Harold

QUESTION 3 C D E QUESTION 3 On March 1, 2022, Harold Company completed the following exchanges: 1. Exchanged land and cash of $8,000 for equipment. The land had a book value of $65,000 and a fair value of $60,000. 2. Exchanged a dust-scrubbing piece of equipment for another version of the same type of equipment and received $12,000 cash. The old dust scrubber cost $76,200 and had a book value of $54,500. The new dust scrubber had a fair value of $58,500. Required: 18 points Prepare the journal entries to record the exchanges. Assume the exchanges have commercial substance. Date Accounts Debit Credit

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