The Bronco Corporation exchanged land for equipment. The land had a book value of $134,000 and a fair value of $178,000. Bronco paid the owner of the equipment $24,000 to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? Fair value 2. Prepare the journal entry to record the exchange. Of no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list MacBook Pro LINAN 2. Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the entry of exchange of assets. Natt Enter before credits Event General Journal Debit Credit MacBook Pro Journal entry worksheet Record the entry of exchange of assets. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal MacBook Pro