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The Bronco Corporation exchanged land for equipment. The land had a book value of $130,000 and a fair value of $170,000. Bronco received $20,000 from

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The Bronco Corporation exchanged land for equipment. The land had a book value of $130,000 and a fair value of $170,000. Bronco received $20,000 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. 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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