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The Bronco Corporation exchanged land for equipment. The land had a book value of $124,000 and a fair value of $158,000 Bronco paid the owner

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The Bronco Corporation exchanged land for equipment. The land had a book value of $124,000 and a fair value of $158,000 Bronco paid the owner of the equipment $14,000 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? air value Re Required 2 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. Complete this question by entering your answers in the tabs below Required 1 Required 2 What is the fair value of the equipment? Fairvalue Required Required 2

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