The Bronco Corporation exchanged land for equipment. The land had a book value of $139.000 and a fair value of $188,000. Bronco received $29,000 from the owner of the equipment 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 points Complete this question by entering your answers in the tabs below 0138 25 Required 1 Required 2 What is the fair value of the equipment? eBook Far value Print Required 2 eferences Chapter 10 Saved The Bronco Corporation exchanged land for equipment. The land had a book value of $139 000 and a fair value of $188,000 Bronco received $29,000 from the owner of the equipment 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. 7 points Complete this question by entering your answers in the tabs below. 012802 Required 1 Required 2 Prepare the journal entry to record the exchange. (If no entry is requined for a transaction/event, select No jounal entry required" in the first account Seld.) eBook View transaction Ist Print Journal entry worksheet eferences 1 Record the exchange of assets. Note Enter debby before credits Event General Jourmal Debit Credit 1 View oeneral tounal Record entry Clear entre