In this exercise you must determine and present the accounting record of the commercial swap operation described below,
Unique Productions, LLC. He swaps a piece of land that he had rented for a die-cutting machine. The information we have about this transaction is:
The market value of the die-cutting machine received is US$10,000.
The purchase price of the land is US$7,000.
The monetary benefit received is US$7,000.
Determine the accounting record of the operation.
