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The Bronco Corporation exchanged land for equipment. The land had a book value of $134,000 and fair value of $178,000. Bronco received $24,000 from the owner of the equipment 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. X Answer is not complete. 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 $ 202,000 The Bronco Corporation exchanged land for equipment. The land had a book value of $134,000 and a fair value of $178,000. Bronco received $24,000 from the owner of the equipment 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. Answer is not complete. 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 journal entry required" in the first account field.) No Transaction General Journal Debit Credit 1 1 Land - new 134,000 X 24,000 Cash x 202,000 X quipment - new Gain on exchange of assets 44,000