The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco received $10,000 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: Required 2 What is the fair value of the equipment? Fair value Required 2 > Journal entry worksheet