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: 1. What is the fair value of the equipment? 2. Prepare the joumal entry to record the exchange. A Answer is not complete. Complete this question by entering your answers in the tabs below. 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