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Exercise 10-16 (Algo) Nonmonetary exchange (LO10-6) The Bronco Corporation exchanged land for equipment. The land had a book value of $139,000 and a fair value

Exercise 10-16 (Algo) Nonmonetary exchange (LO10-6) The Bronco Corporation exchanged land for equipment. The land had a book value of $139,000 and a fair value of $188,000. Bronco paid the owner of the equipment $29,000 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 Required 1 Required 2 >

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