Return to question The Bronco Corporation exchanged land for equipment. The land had a book value of $135,000 and a fair value of $180,000. Bronco received $25.000 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 complete but not entirely correct. 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 fournal entry required" in the first account field.) Event General Joumal Debit Credit No Equipment 155,000 1 25,000 Cash 135,000 Land 50,000 Gain Required 1 ed Next>