The Bronco Corporation exchanged land for equipment. The land had a book value of $139,000 and a fair value of $188,000. Bronco paid the owner of the equipment $29,000 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.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)