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29 The Bronco Corporation exchanged land for equipment. The land had a book value of $124,000 and a fair value of $158,000. Bronco received $14,000

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29 The Bronco Corporation exchanged land for equipment. The land had a book value of $124,000 and a fair value of $158,000. Bronco received $14,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the fair value of the equipment? 29 The Bronco Corporation exchanged land for equipment. The land had a book value of $124,000 and a fair value of $158,000. Bronco received $14,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the fair value of the equipment?

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