Exercise 10-16 (Algo) Nonmonetary exchange (LO10-6] The Bronco Corporation exchanged land for equipment. The land had a book value of $124,000 and a fair value of $158,000. Bronco paid the owner of the equipment $14,000 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 Journal entry worksheet 1 Record the entry of exchange of assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal