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Think of an asset that you own (television, computer, cell phone, car, house, appliance, furniture,...

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Accounting

Think of an asset that you own (television, computer, cell phone, car, house, appliance, furniture, etc.). Pretend that you are going to exchange this asset for either a similar asset of its kind or some other asset. Prepare the journal entry for a nonmonetary exchange of your asset. You will need to: post the type of asset you have and what you plan to exchange it for, determine the fair value of the asset you have (note,

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