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The Bronco Corporation exchanged land for equipment. The land had a book value of $129,000 and a fair value of $168,000. Bronco paid the owner
The Bronco Corporation exchanged land for equipment. The land had a book value of $129,000 and a fair value of $168,000. Bronco paid the owner of the equipment $19,000 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.
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