Tulube Maps Enter Password: Eco... PAULUJA Bod 12 Homework 5 The Bronco Corporation exchanged land for equipment. The land had a book value of $121,000 and a fair value of $152000. Bronco paid the owner of the equipment $11,000 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. Bao Complete this question by entering your answers in the tabs below. Required Required2 What is the fair value of the equipment? elence Favale Required 2 > The Bronco Corporation exchanged land for equipment. The land had a book value of $121,000 and a fair value of $152.000. Bronco paid the owner of the equipment $11,000 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account fields Vin fransactions Journal entry worksheet Record the entry of exchange of sets Tinti Transaction General Journal Debit Credit