The Bronco Corporation exchanged land for equipment. The land had a book value of $128,000 and a fair value of $166,000. Bronco received $18,000 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 2 What is the fair value of the equipment? Fair value Required 2 > 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.) View transaction list Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits Event General Journal Debit Credit Equipment Gain