The Bronco Corporation exchanged land for equipment. The land had a book value of $138,000 and a fair value of $186,000. Bronco pald the owner of the equipment $28,000 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 > 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 er in the first account field.) View transaction list Journal entry worksheet