The Bronco Corporation exchanged land for equipment. The land had a book value of $120.000 and a fair value of 5150.000 Bronco paid the owner of the equipment 510.000 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 Required 2 > Journal entry worksheet