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. 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 journal entry required in the first account field.) No Transaction 1 1 Credit Debit 214,000 General Journal Equipment - new Land - new Cash Gain on exchange of assets 138,000 28,000 48,000