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E 10-16 Nonmonetary exchange L010-6 The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of

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E 10-16 Nonmonetary exchange L010-6 The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco paid the owner of the equipment $10,000 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. 556 SECTION 2 E 10-17 Nonmonetary exchange .LO10-6 Assets This is a variation of the previous exercise.] Required: Assume the same facts as in Exercise 10-16 except that Bronco received $10,000 from the owner of the equipment to complete the exchange. 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange

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