Exercise 10-16 (Algo) Nonmonetary exchange (L010-6] The Bronco Corporation exchanged land for equipment. The land had a book value of $131.000 and a fair value of $172,000. Bronco paid the owner of the equipment $21,000 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. Book Complete this question by entering your answers in the tabs below. Prim Required 1 Required 2 eferences What is the fair value of the equipment? Fair value Smeer Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No joumal entry required in the first account field.) View transaction list Journal entry worksheet 1 rices Record the entry of exchange of assets. Nota: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal w