The Bronco Corporation exchanged land for equipment. The land had a book value of S124,000 and a fair value of $158.000. Bronco received $14,000 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 > Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal