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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

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.

1. What is the fair value of the equipment?

2. Prepare the journal entry to record the exchange.

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