The Bronco Corporation exchanged land for equipment. The land had a book value of $136,000 and a fair value of $182,000. Bronco paid the owner of the equipment $26,000 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? Fair value $ 156,000 Required 2 > Pe une journey TERU VIEUX Tange. ULILY U OSLUUTSELU juuri nyteyuncu the first account field.) View transaction list Journal entry worksheet