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Chapter 10-3 6 Help Save & Exit Submit Check my work The Bronco Corporation exchanged land for equipment. The land had a book value of

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Chapter 10-3 6 Help Save & Exit Submit Check my work The Bronco Corporation exchanged land for equipment. The land had a book value of $122,000 and a fair value of $154,00 Bronco paid the owner of the equipment S12,000 to complete the exchange which has commercial substance. 1. What is the fair value of the equipment? 2. Prepare the joumal 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? Required 2

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