The bronco corporation exchanged land for equipment

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Reference no: EM131017832

The Bronco Corporation exchanged land for equipment. The land had a book value of $136,000 and a fair value of $182,000. Bronco received $26,000 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.

Reference no: EM131017832

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