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Prepare the journal entry to record the exchange

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Reference no: EM13516954

The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco paid the owner of the equipment $10,000 to complete to exchange which has commercial substance.

Required:

1. What is the fair value of the equipment?

2. Prepare the journal entry to record the exchange.

Reference no: EM13516954

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