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The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco received $13,000

The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco received $13,000 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.

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