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[This is a variation of the previous exercise.] Required: Assume the same facts as in Exercise 10-16 except that Bronco

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[This is a variation of the previous exercise.]

Required:
Assume the same facts as in Exercise 10-16 except that Bronco received $10,000 from the owner of the equipment to complete the exchange.
1. What is the fair value of the equipment?
2. Prepare the journal entry to record the exchange.

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Related Book For  answer-question
Intermediate Accounting

Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Question Details
Chapter # 10
Section: Exercises
Problem: 17
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Question Posted: July 02, 2013 06:04:21
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