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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

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
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Solution Guide / Answer Key:

ACCOUNTING

Exercise 10-17 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.

Required:
1. What is the fair value of the equipment?
2. Prepare the journal entry to record the exchange.

 

FILE: MS WORD

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