Exercise $10-16($Algo$)$ Nonmonetary exchange $[$LO$10-6]$

The Bronco Corporation exchanged land for equipment. The land had a book value of $$129,000$ and a fair value of $$168,000.$ Bronco paid the owner of the equipment $$19,000$ 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.