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Samuel Company exchanged land and cash of $6,500 for equipment. The land...

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Accounting

Samuel Company exchanged land and cash of $6,500 for equipment. The land had a book value of $48,000 and a fair value of $30,000
(a) Prepare the journal entry to record the exchange, assuming this transaction HAS commercial substance.
(b) Prepare the journal entry to record the exchange, assuming this transaction LACKS commercial substance.

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