Equipment Exchange for Land

Hi All, 

I recently exchanged a piece of equipment for a piece of property. There was no money involved at all, just a straight up exchange. How do I remove the equipment off the asset account and add the land? Since there was no money, I really am not sure if I just make a journal entry from the equipment to the land and say the land cost the same amount as we originally paid for the equipment or not? Or, do I do the whole entry for cost, accumulated depreciation, gain/loss on sale of asset and then journal entry separately for the land? But then, what is considered the cost of the land? I would really appreciate some help! 

Thank you!

Rachel