The Bronco Corporation exchanged land for equipment. The land had a book value of $$125,000$ and a

fair value of $$160,000.$ Bronco received $$15,000$ from the owner of the equipment 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.

Complete this question by entering your answers in the tabs below.

Required $1$

What is the fair value of the equipment?

Fair value