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How to make the journal entry

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Question - How to make the journal entry for the following operation: In December 2020, company X exchanged one of its horses acquired on January 1, 2019, with a 12-year useful life and an acquisition cost of $ 2,100 plus $ 700 in cash, for a mare. The fair value of the horse is $ 2200.

Reference no: EM132829499

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