Provide the entry that box ltd. should record

Reference no: EM133370226

Question: Box Ltd. exchanged a piece of equipment for land and paid $30,000 cash. The equipment was acquired at a cost of $600,000 in previous years. At the date of exchange, the land has a fair market value of $420,000 and a $15,000 loss on disposal was to be recognized
for the equipment.
Required: Provide the entry that Box Ltd. should record for this exchange transaction.

Reference no: EM133370226

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