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Prepare journal entry chatham farms should make to record

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Question - Chatham Acres Inc. would like to purchase new farm machinery with a fair value of $215,000.

On November 1, 2017, the company purchases the machinery for $40,000 cash and also transfers land it owns but no longer uses over to the seller. The land has a fair market value of $175,000 and a book value of $120,000. The exchange has commercial substance.

Required: Prepare the journal entry Chatham Farms should make to record the exchange of land and cash for the machine.

Reference no: EM131697571

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