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Prepare the journal entry to record given transaction

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Question - The North Pole Economic Development Corporation owned an idle piece of real estate consisting of land and a factory building. The city gave title to this property to Frost the Snowman Company in exchange for $100,000 cash. The fair value of the building was $200,000 and the land is $50,000. Prepare the journal entry to record this transaction.

Reference no: EM132438462

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