Question: Use the same information as in E10-8, except that the warehouse owned by Denver Company has a fair value of $28,000, and therefore Denver agrees

Use the same information as in E10-8, except that the warehouse owned by Denver Company has a fair value of $28,000, and therefore Denver agrees to pay Bristol $2,000 to complete the exchange.

Required
Prepare journal entries for the Denver Company and the Bristol Company to record the exchange.

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