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

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:

What is the fair value of the equipment?

Prepare the journal entry to record the exchange.