The Bronco Corporation exchanged land for equipment. The land had a book value of $128,000 and a fair value of $166,000. Bronco paid the owner of the equipment $18,000 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. Complete this question by entering your answers in the tabs below. Required Required 2 Prepare the journal entry to record the exchange (Ir no entry is required for a transaction/event, select "No journal entry required in the first account feld) View transaction lit Journal entry worksheet Complete this question by entering your answers in the tabs below. Required 1 Required 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.) No Transaction General Journal Debit Credit 1 Equipment - new 184,000 Cash 18,000 Land - old 128,000 Gain on exchange of assets 38.000