Exercise 10-16 (Algo) Nonmonetary exchange [LO10-6] The Bronco Corporation exchanged land for equipment. The land had a book value of $133,000 and a fair value of $176,00 Bronco paid the owner of the equipment $23,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the fair value of the equipment? Fair value