Bronco corporation exchanged land for equipment the land

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

1) What is the fair value of the equipment?

2) Prepare the journal entry to record the exchange.

Reference no: EM13608680

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