Question: Use the same information as in E10-8, except that the warehouse owned by Denver Company has a fair value of $33,000, and therefore the Bristol

Use the same information as in E10-8, except that the warehouse owned by Denver Company has a fair value of $33,000, and therefore the Bristol Company agrees to pay the Denver Company $3,000 to complete the exchange.

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

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