The Bronco Corporation exchanged land for equipment. The land had a book value of $$122,000$ and a fair value of $$154,000.$ Bronco

paid the owner of the equipment $$12,000$ to complete the exchange which has commercial substance.

Required:

What is the fair value of the equipment?

Prepare the journal entry to record the exchange.

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Prepare the journal entry to record the exchange.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.