E 10-17 Nonmonetary exchange LO10-6 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. E 10-16 Nonmonetary exchange LO10 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 Assets E 10-17 Nonmonetary exchange LO10-6 JThis is a variation of the previous exercise Required: Assume the same ti Exercise 10-16 except that Bronce received $10.000 from the wwer 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 bling for future plant expansion for a more suitable parcel Going to