The Bronco Corporation exchanged land for equipment. The land had a book value of $121,000 and a fair value of $152,000. Bronco received $11,000 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? What is the fair value of the equipment? Fair value Required Required 2 > 1. What is the fair value of the equipment? 2. Prepare the joumal entry to record the exchange. 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" the first account field.) View transaction list Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal