3 The Bronco Corporation exchanged land for equipment. The land had a book value of $133,000 and a far vale o $196,000. Bronco received $23,000 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 2 Required 1 Creat Prepare the journal entry to record the exchange. (If no entry is required for a transaction/evet, select wojenny the first account field.). Der 20 22.000 View Journal entry worksheet View transaction list No Transaction General Journal 1 Equipment - now Cash Gain on exchange of assols 1